Alibaba Invests in PlaceIQ
Chinese eCommerce giant Alibaba has made a strategic investment in PlaceIQ, allowing the New York-based location intelligence firm to scale up its services in response to demand.
PlaceIQ's platform combines dynamic movement data with quantitative purchase data to help CPG companies better understand real-world shopping behavior and the path-to-purchase. The firm completed a Series D funding round earlier this year, and has partnerships with the likes of Starcom, IRI, Adobe and MasterCard. Services include foot traffic measurement system Place Visit Rate (PVR); and proprietary data filtering technology Darwin.
The firm's new minority stakeholder will assist with the roll-out of its platform to a global audience, starting with the Chinese market - and the two will work together on 'location-based online-to-offline (O2O) services such as marketing, consumer insights and data-driven decision-making'.
Duncan McCall (pictured), PlaceIQ's CEO and co-founder, comments: ' This new partnership is significant in a number of ways. Backed by Alibaba Group, the largest retail commerce company in the world, PlaceIQ can now deliver a new way for larger businesses in China to directly harness the industry's leading location data and insights platform. We are honored in Alibaba Group's decision to invest in PlaceIQ and treat it as validation of the robust technology platform we have spent more than five years perfecting'.
Web site: www.placeiq.com .