PALO ALTO, Calif.--(BUSINESS WIRE)--Eversight™, the leading provider of cloud-based software designed to improve promotion effectiveness and make better use of trade promotion dollars, today announced it received $9.7 million in its Series A round of funding from Emergence Capital Partners, a top enterprise cloud venture capital firm.
Eversight is using the funding to scale its engineering, sales and marketing, and service and support teams to drive innovation and growth, and continue to deliver value to its customers, which include multiple top consumer package goods (CPG) companies, such as Unilever and BIC.
Operating in stealth mode for nearly 18 months as Promolytics, Eversight released its Software-as-a-Service solution in January 2014. Enabled by recent advances in predictive analytics, cloud, and big data, the solution empowers manufacturers to collaborate with retailers in order to optimize in-store promotions by real-world-testing many different promotional offers.
“The opportunity for CPGs and retailers to better understand what really motivates their customers to buy has never been greater,” said Jamie Rapperport, co-founder and CEO of Eversight. “Until now, consumer goods companies have had to rely on generic guidelines in designing promotions. It’s time for our industry to get more sophisticated and start offering deals that consumers really care about, particularly given the $300 billion spend promotions represent.”
The Eversight solution – Eversight Cloud – enables rapid, large-scale promotion testing by presenting digital offers to consumers, which can be redeemed in-store as part of consumers’ normal shopping routines. Known as Offer Innovation, this forward-looking approach is used to inform traditional in-store promotions. Retailers and consumer goods companies have used the Eversight solution to consistently uncover optimized new offers that outperform traditional promotions by 20-50 percent.
"When we met Eversight, we were excited to see deep domain expertise, world-class startup experience, a strong predictive and big-data architecture, and a clear vision of how to coordinate CPGs and retailers to accomplish their critical joint objective," said Brian Jacobs, general partner, Emergence Capital Partners. "We believe this next generation of promotion optimization solutions will take promotion effectiveness to an entirely new level, and we want to provide the funding and support for this team to build its market leadership."
Eversight Cloud is available now directly from Eversight. To schedule a demonstration, or to learn about Offer Innovation, please visit www.eversightlabs.com.
About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage enterprise cloud companies. Its mission is to invest in the cloud visionaries who are building the most important business applications. The firm's investments include companies such as Salesforce.com (CRM), SuccessFactors (SFSF), Veeva Systems (VEEV), Yammer (acquired by Microsoft), Box, and Lithium. Emergence Capital has $575 million under management. More information on Emergence Capital can be found at http://www.emcap.com. Follow Emergence at @emergencecap on Twitter.
Headquartered in Palo Alto, Calif. and founded in 2013, Eversight provides Offer Innovation software that helps retailers and consumer goods companies dramatically improve promotion effectiveness and make better use of trade-spend dollars. Eversight disrupts the $300B+ world of trade promotions by combining the latest in predictive analytics, cloud software, data science, and behavioral economics. Eversight Cloud™ enables customers to remove the guesswork and risk from trade promotions by micro-testing thousands of unique offers with real shoppers to find the best performing ones. Eversight serves as a strategic partner to some of the largest CPG brands and retailers, including Unilever and BIC. Promotions based on Offer Innovation have yielded an unprecedented 20-50 percent improvement in volume sales over traditional promotions. Visit www.eversightlabs.com to learn more.