CHICAGO, Feb. 11, 2016 /PRNewswire/ -- Label Insight, a leading provider of software-as-a-service (SaaS) data solutions providing powerful insights for and strengthening the connections between CPG brands, retailers and consumers, announced today the completion of a $10 million Series B round of funding.
The round was led by a strategic investment from KPMG Capital, KPMG International's global investment fund. The investment allows KPMG member firms to offer retail food and beverage clients around the globe access to Label Insight's proprietary technology, which transforms product information into smart attributes, such as nutrients and allergens, providing users with a deep understanding of their product set. These attributes are easily customized to meet data views requested by retailers or required to participate in industry efforts, such as the SmartLabel™ transparency initiative.
In particular, KPMG member firms' clients will benefit from Label Insight's first-to-market SmartSPEC™ solution, which helps food and beverage brands quickly and easily participate in SmartLabel, an effort led by the Grocery Manufacturers Association (GMA) and Food Marketing Institute (FMI). Participating brands have the opportunity to establish themselves as leaders in transparency and build consumer trust and loyalty.
Existing investors Mercury Fund, Cultivation Capital, Serra Ventures and dunnhumby Ventures also participated in the funding round, along with new investor West Capital Advisors.
Label Insight will use the funds to develop new products, broaden custom data views and expand data science capabilities in order to better serve the needs of customers, which include some of the largest US-based CPG brands, retailers and consumer advocacy groups. The company also works with government agencies, including the US Food and Drug Administration (FDA) on its ingredient and nutrient analysis efforts, as well as the Center for Disease Control (CDC).
Chicago-based Label Insight has raised a total of $14 million to date.
"KPMG understands the challenges facing CPG brands and retailers as they strive to provide shoppers with greater product transparency. We're thrilled to provide KPMG member firms with a tool that will help their clients achieve this goal, along with increasing operational efficiency, spurring innovation and improving customer satisfaction," said Anton Xavier, co-founder and CEO of Label Insight. "KPMG Capital's strategic investment in Label Insight is validation that our unique approach effectively provides stakeholders with compelling and actionable information. And, their global footprint will help accelerate our expansion into new markets."
Label Insight solves many of the CPG and retail industries' data transformation and activation challenges, giving customers a unique competitive advantage. For example, customers use the platform to:
- Comply with product data initiatives of retailers, government agencies and industry organization
- Seamlessly integrate product data into mobile and e-commerce applications
- Search and compare product claims and certifications
- Optimize product assortments to meet consumer needs
- Drive better outcomes in sourcing, merchandising and innovation
"Our investment in Label Insight will allow KPMG member firms to provide retail food and beverage clients with a best-in-class solution for managing and distilling actionable insights from an ever-growing taxonomy of product data and attributes," said Mark Toon, CEO of KPMG Capital. "Label Insight is disrupting the CPG data industry, and with its help we will be uniquely positioned to help solve the long-standing issue of exchanging product data between manufacturers, retailers and government agencies."
About Label Insight
Label Insight is the leading provider of software-as-a-service (SaaS) data solutions providing powerful insights for and strengthening the connections between CPG brands, retailers and consumers. The company's cloud-based product data engine enables CPG brands and retailers to transform basic product data into smart attributes, providing a deep understanding of their product set. Label Insight offers an unmatched level of data, generating 15,000 attributes - such as nutrients and allergens - per product. These attributes serve as building blocks for a live view of data for more than 300,000 products across 17,000 brands, totaling over 80% of the U.S. retail food and beverage market. Label Insight customers use this deep level of product data to provide greater transparency to consumers; maximize category growth potential; easily participate in industry and government initiatives; and create more connected omni-channel experiences. The company also works with the FDA, helping the agency develop and maintain the industry's first scientifically accurate database of food ingredients, attributes and health claims. Label Insight is headquartered in Chicago, Ill. with an office in St. Louis, Mo. For more information, please visit www.labelinsight.com.
About KPMG Capital
KPMG Capital Limited and KPMG Capital Holding Limited comprise an investment fund for KPMG member firms. The investment fund is not open to third-party investment and will not, itself, provide professional services to clients. KPMG Capital Limited and KPMG Capital Holding Limited are legally distinct and separate from KPMG International Cooperative and each KPMG member firm.
Like every member firm in the KPMG global network, KPMG Capital, and the entities it invests in, is subject to the same rules and regulations promulgated by the regulatory bodies responsible for establishing standards for auditor Independence (for example, the US SEC, PCAOB, AICPA, IESBA and those established by the various countries in which the investments reside). These rules apply to member firms, the individuals at such member firms and the targets for potential joint venture, alliance or acquisition related to the activities of KPMG Capital. All existing Independence protocols apply to KPMG Capital.
About KPMG International
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
SOURCE Label Insight