Disrupt Battlefield alum (and finalist) Boomerang Commerce today announced that it has raised a $12 million Series B round led by Shasta Ventures. Previous investors Madrona Venture Group and Trinity Ventures also participated in this round.
Boomerang helps online retailers get their prices right. It allows retailers to test and optimize their pricing strategies and it allows them to monitor and analyze the prices of their competitors. Based on the strategy they opt for, Boomerang then uses its machine-learning techniques to help retailers price their own goods to optimize for raw sales volume or improved margins, for example.
The company essentially gives retailers access to the kind of pricing data and analytics that a major online retailer like Amazon uses to improve sales.
The company says it quadrupled its customer base in 2015 and that nine of the Retailer’s Top 50 now use its services. Its customers currently include the likes of Staples (one of Boomerang’s earliest partners), as well as Groupon, Office Depot, and US Auto Parts.
Given its rapid growth and impressive list of partners, it’s no surprise that Boomerang is seeing interest from investors, even as the overall funding market seems to be cooling a bit.
“We had most of our Series-A cash still left in the bank. However, we still raised capital to capitalize on the momentum we have built in the market,” Boomerang CEO Guru Hariharan told me. “We made significant progress on executing on our vision to build the nerve center of retail that augments the art of retail with data science.”
In 2014, Boomerang raised an $8.5 million Series A round led by Madrona Venture Group and Trinity Ventures. In total, the company has now raised $20.5 million.
“We are going to invest the capital in cementing the success of our existing and future customers by doubling down on modern use cases in retail,” he said. “We will accelerate building out our team that has a unique DNA that combines the best of data science and e-commerce.”