New Delhi: The retail technology company, Bluecore announced the close of its $125 million Series E funding round. The round was led by existing investor Georgian, a multi-billion dollar fintech company.
Georgian has doubled its investment in Bluecore for the second year in a row. It was joined by other existing investors FirstMark and Norwest, and new investor Silver Lake Waterman. The new investment brings Bluecore’s total funding to more than $225 million and puts its valuation at $1 billion.
The company will use the funding to accelerate its ecommerce product development and investment in AI and analytics.
In contrast to major marketing clouds and legacy technologies built for mass marketing, Bluecore was built for the world of online shopping. It prioritizes and delivers on mission critical ecommerce KPIs that directly influence retail growth, including increased purchase frequency and customer lifetime value. As a result, the company is directly responsible for driving billions in Gross Merchandising Value (GMV) for hundreds of retailers.
Positioned at the core of retailers’ digital marketing stacks, Bluecore leverages this first-party data to predict and execute on the exact experience a shopper should receive–across owned and paid digital channels, including email, ecommerce websites, and social media and search ads.
Visibility into this convergence of consumer interactions and product data additionally allows Bluecore’s most advanced customers to make more informed merchandising and pricing decisions, and forecast supply chain logistics.
“We’re in an era of Personal Commerce, where retailers are no longer competing solely with other brands; they’re competing with every other digital experience, too. As a result, shoppers expect the same level of 1:1 curation from retail brands that they’re getting from platforms like Netflix, Spotify and other exceptional experiences,” said Fayez Mohamood, CEO and Founder of Bluecore. “We’ve spent the past eight years building for this inevitable moment where all retailers are driving growth through ecommerce. Our role will always be to predict the industry’s shifts so we can guide retailers’ through ongoing transformation.”
Lead investor Georgian also led Bluecore’s series B in 2015 and Series D in 2020. Its Series E investment in Bluecore is its largest to date. The billion-dollar-plus fund specializes in AI companies, and is investing aggressively in the ecommerce and digital retail space.
“Bluecore has been building towards this current moment in commerce since Georgian first invested in 2015. It’s incredible to see the firm’s vision realized as online shopping has moved from an increasingly popular trend to the default mode of commerce for many people,” said Tyson Baber, Lead Investor at Georgian Partners. “We’re excited to be able to extend our investment and be part of Bluecore’s ongoing and enduring success.”
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