Industrifonden leads €1.2 million seed round in Formulate

August 23, 2018

We are very happy to announce that we are leading the €1.2 million seed round in retail promotions pioneer Formulate. Existing angel investors also participates in the round. The round enables the company to continue to grow the tech team, and let more retailers to optimise their promotions.

For many retailers, promotions are one of the single largest items in the marketing budget. At the same time, most traders still go with the gut feeling as the basis for promotion investment decisions worth millions. Therefor, 20-50 procent of all promotions generate no noticeable sales lift. Formulate want to change that, and let retailers take control of their promotions.

– Retail is changing fundamentally. Both physical stores and e-commerce need to work more data-driven and customer-friendly to remain relevant. Formulates service gives retailers deep understanding of a large part of their marketing, that previously been too complex to understand. We are truly impressed by Formulate’s drive and product focus, says Sara Resvik, Investment Manager at Industrifonden.

Formulate DecisionCloud is the first easy-to-use analytics platform in the market that gives retailers the facts and forecasts they need to make better promotion decisions. Using technology based on AI, Formulate detects complex patterns in retailers transaction data and let them see which products, discounts, brands and suppliers that grow their business. Formulates DecisionCloud analyzes standard receipt data from both e-commerce and physical retailers, and takes into consideration how purchases for non-discounted goods and categories are influenced by promotions, how season and weather are driving sales, and what deals are the most effective in different parts of the assortment.

– We’re thrilled to start working with Industrifonden. The investment enables us to do more in less time, which is needed as retailers have to pick the right technologies and implement fast to make themselves relevant. Easy-to-use AI that helps retailers make better business decisions is the future, and we believe our service can dominate how retailers optimize promotions, says Andreas Willgert, founder and CEO of Formulate.

We are truly excited to join Formulate on their journey to allow more retailers to control the profitability of their promotions. Welcome to the family!

About Formulate
Formulate is a Swedish start-up whose AI platform let retailers take control of their promotions.  Read more on www.formulate.se

 

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