· Europe’s leader in crowdsourced in-store data secures fresh funding to accelerate international expansion in Europe and beyond
· Existing investors Nauta Capital, P101 Ventures and 360 Capital Partners join FII Tech Growth Fund in Series C round of investment
· News of further European consolidation by way of M&A imminent
LONDON, MILAN, PARIS, MADRID: BeMyEye, the European leader in data-driven field marketing, announced that it has secured $10.5M in Series C financing, led by new growth investor, FII Tech Growth, with investment also secured from existing backers Nauta Capital, P101 Ventures, and 360 Capital Partners. BeMyEye plans to use this new investment to further accelerate its European expansion and scale the business globally.
BeMyEye is taking retail execution to the next level by providing real-time in-store data to FMCG and Consumer Electronic brands about numerical distribution, weekend out of stocks and promotional compliance. The data is analysed and packaged in the form of actionable insights that many of the biggest blue-chip brands in the world – including Mattel, Nestlé, Samsung, Heineken, Reckitt Benkiser, Lavazza and Ferrero – use to optimise their field force activity and perfect their go-to-market investments, worth $1 trillion every year in promotional activities alone. Since inception, BeMyEye has collected over 2 million sets of data and images covering more than 650k stores, revealing the big challenges faced by FMCG and Consumer Durable manufacturers impacting revenues:
· Promotional compliance against joint business plans between manufacturers and retailers averages at a low 72%
· Weekend out of stock issues for popular products can be as high as 20%
· Numerical distribution of new products launched into the market seldom reaches 60%, against expectations of at least 80%
Luca Pagano, CEO of BeMyEye comments, “FII Tech Growth’s entry is a key step in the company’s growth phase. We are facing an ever-growing demand from large international clients to enter new markets quickly. This funding will be used to accelerate the globalisation of our key products, while providing ever greater opportunities for the world’s unskilled workforce to earn money in their spare time.”
The acceleration on geographical growth is BeMyEye’s reply to the needs of FMCG, CPG and Consumer Durables manufacturers who more and more demand a one-world view of their in-store retail execution. Such acceleration on growth will be confirmed by further M&A activity to be announced shortly after the round. This follows the acquisition of the French leader, LocalEyes, in 2016, and the strategic partnership formed with the USA’s largest provider of crowdsourced in-store data, Quri, in 2017.
Founded in 2011 by Italian entrepreneur and innovator, Gian Luca Petrelli, BeMyEye is Europe’s leading crowdsourced in-store data as a service (DAAS) provider. Operating in 19 countries, the company is redefining the world of merchandising by putting real time in-store data at the heart of it. BeMyEye leverages an on-demand crowd of more than 500k smartphone users across Europe (known as ‘Eyes’) to collect actionable insights in large supermarkets, independent grocers and specialist stores on behalf of more than 400 leading blue-chip manufacturers and retailers including Nestle, Pepsi, Ferrero, Samsung, Heineken, Lavazza and Reckitt Benkiser.
In the last 36 months, BeMyEye’s crowd has visited more than 650k stores, and completed more than 2M missions, which have highlighted industry-wide issues in a number of key business critical areas; joint business plan agreements between manufacturers and retailers averaging just 72% compliance, weekend out of stock figures as high as 20%, and numerical distribution of new products averaging 60%. These actionable insights have led large multinational manufacturers to use BeMyEye to identify their own shortfalls in real-time and inform corrective measures to increase revenues.
BeMyEye operates in UK, Ireland, Italy, France, Spain, Portugal, Germany, Austria, Sweden, Norway, Denmark, Finland, Czech Republic, Switzerland, Benelux, Poland, Romania and USA. The company is headquartered in the UK with offices in Italy, France and Spain, and is backed by Europe’s leading venture capitalists Nauta Capital, P101 Ventures, 360 Capital Partners and FII Tech Growth. Visit http://www.bemyeye.com/.