SEATTLE, Feb. 23, 2021 /PRNewswire/ -- Data platform provider SoundCommerce today announced its $15M Series-A financing led by leading enterprise SaaS venture firm Emergence Capital with participation from existing investors Defy Partners and Voyager Capital. The funding coincides with SoundCommerce's commercial acceleration across the global consumer retail industry, fueling the company's expanded hiring, platform capabilities and customer engagement.
"Against the backdrop of 2020, competitive pressure is greater than ever for consumer brands—and data capability means competitive advantage," said Joe Floyd, General Partner at Emergence Capital.
"SoundCommerce is the easiest way for consumer brands to leverage modern cloud data warehouses configured for their specific industry and needs. I'm excited to partner with Eric and the team as they transform and enable disruptive brands in this dynamic industry." Floyd joins SoundCommerce's Board of Directors.
SoundCommerce is the fastest, most flexible path to modern data capability for consumer brands and retailers. The SoundCommerce data graph spans omnichannel shoppers, digital marketing campaigns, product assortment and merchandising offers, distributed inventory management, supply chain and fulfillment operations, wholesale channels, and unit variable revenue and cost accounting.
"We're obsessed with data but our knotty web of proprietary applications, SaaS solutions and past-their-prime legacy systems makes working with our data hard," said Matt Powell, CTO at FTD/Proflowers, a SoundCommerce customer. "The SoundCommerce platform helps us bring order and consistency to the chaos -- so we have fast, easy access to the data we need to optimize product, channel and customer strategies."
Consumers spent $861 billion online with U.S. merchants in 2020, up an incredible 44.0% year over year, according to Digital Commerce 360 estimates. That's the highest annual U.S. ecommerce growth in at least two decades. It's also nearly triple the 15.1% jump in 2019.
Yet 25 years into the ecommerce revolution, most consumer brands still struggle with the operational and financial realities of direct-to-consumer commerce. Decisions rarely align with profitable growth. Orders and customers can generate huge profits or losses from nominal changes in variable costs. From ad spend allocation to doorstep delivery routing, addressing the real-time complexity of the digital commerce model requires dedicated decisioning technology.
The SoundCommerce platform integrates, validates, and orchestrates lossless, granular transaction and event data into leading cloud data warehouses including Google BigQuery and Snowflake. Dynamic data models accommodate constantly changing systems and data, with actionable views available for orchestration to any downstream system, function, or partner. SoundCommerce integrates with more than 90+ software platforms including Shopify, Salesforce Commerce Cloud, Amazon.com, Google Analytics, and NetSuite as well as common EDI formats and leading parcel post carriers.
Built upon flexible data models, SoundCommerce offers out-of-the-box analysis that makes it easy to answer questions fundamental to omnichannel and direct-to-consumer (DTC) success, including:
"What's driving and detracting from our customer lifetime value?"
"What's driving and detracting from our profitability?"
"Are assortment, inventory and promotions aligned with demand?"
"Which markets, channels, and customers should we prioritize?"
"How should we treat this shopper to balance profit with experience and LTV?"
"The goal of every consumer brand is to align marketing, operations, and customer experience with the unique lifetime value potential of each shopper," said SoundCommerce CEO Eric Best. "With every business decision informed by real-time and predictive awareness of operational state, unit economics and CLV, SoundCommerce provides a comprehensive commerce data graph to achieve this goal. We are so excited to start this next chapter of our journey in partnership with Joe Floyd and Emergence."
SoundCommerce is founded by CEO Eric Best and CTO Jared Stiff, industry veterans with previous exits to Amazon, Liberty Interactive, and the public equity markets. SoundCommerce investors include Emergence Capital, Defy Partners, Voyager Capital, Stage Venture Partners and the Seattle Alliance of Angels.
The SoundCommerce data platform drives profitable growth, customer experience and lifetime value across retail systems and channels — from first click to doorstep delivery. SoundCommerce works with retailers' existing technology stack to transform customer experience across marketing, merchandising, supply chain, fulfillment, delivery, and customer service. The data platform tracks real-time operational events, profitability and customer lifetime value to drive decisions and actions fundamental to cross-channel and direct-to-consumer success. Founded by Amazon veterans and backed by leading venture capital investors, SoundCommerce is headquartered in Seattle.
Let's grow! Visit us at www.soundcommerce.com.
Contact Communications Director Kristine Szarkowitz, [email protected].