$14.5m Funds for In-Store Promotion Checker Eversight

Palo Alto, California-based promotion-testing specialist Eversight has raised $14.5m in funding, with which to scale up its cloud-based predictive analytics software.

Eversight's Cloud platform, launched in 2014, combines data science and behavioral economics and is used by major FMCG brands and their retailers to test in-store promotions with real shoppers before they are introduced in stores - and to optimise and target them thereafter.

The latest round was joined by previous investor Emergence Capital, and led by Sutter Hill Ventures whose MD Jim White comments: 'Promotion effectiveness is one of the biggest challenges facing the world's largest brands and retailers. We've had our eye on the space for a number of years, and Eversight is the first company we've seen with a breakthrough approach. By applying digital intelligence to in-store promotions they completely change the game'.

According to Eversight CEO and co-founder Jamie Rapperport, 'About two-thirds of the $80bn spent on promotional offers by consumer goods companies doesn't break even because they largely rely on trial and error and little science. Today they're getting no leverage from that spend, but it's our mission to change that'. Rapperport says the latest investment will allow the company to scale up 'rapidly'.

Web site: www.eversightlabs.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.