Paris-based Mytraffic, a startup that specialises in data insights for physical places, announced that it has raised €10M in its Series A round of funding.
The round was led by French investment firm Alven, a VC company with a successful track record of backing more than 100 startups over 20 years. The round also saw participation from existing investor Kernel, a US-based neuroscience company that specialises in developing brain-recording technologies.
Rodolphe Menegaux, Partner at Alven, says, “Thanks to Mytraffic’s accurate real-world data, physical asset owners and public decision-makers can now make evidence-based decisions, just as what e-retailers have been doing in the digital world for many years. It is a genuine revolution and this is what convinced us to partner with them.”
The company says it will use the raised funds to further develop its product features and accelerate its growth in the UK, France, Netherlands, Belgium, Germany, Italy, and Spain.
The raised capital will also help Mytraffic to strengthen its R&D capabilities, to invest in new use cases such as vehicle traffic analysis, as well as in expanding its sales and marketing team.
Speaking on the development, Hakim Saadaoui, co-founder of Mytraffic says, “We are grateful for Alven’s and Kernel’s trust. With this funding, we will increase our investments to hire new talents, improve our product differentiation, aiming at tripling our sales within two years and consolidating our leadership on the European market.”
Despite the Covid-19 crisis, Mytraffic claims to have witnessed rapid growth over the last two years with a 3x year-on-year recurring revenue growth by the end of Q2 2021.
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After a meeting with CEO of La Fabrique – Cookies, Hakim Saadaoui and Gautier Machelon realised there was a problem in the retail business – the absence of traffic insights that can help take the right decisions related to the retailer’s physical network. And thus Mytraffic was born.
Founded in 2016, it provides insights on stores, malls, offices, and logistic centres to retail, real estate, asset owners, and cities through its SaaS platform. The company’s exclusive data and software allow property owners to set the right rental price, retail networks to select the best locations for expansion, shopping centre marketing managers to select areas to activate their marketing efforts, or city planners to assess the impact of a week-long food fair on the attractiveness of the city.
Saadaoui says, “The Covid crisis has led to high volatility and has put, most likely in the long run, a lot of pressure on decisions regarding physical locations, for malls, shops, offices, logistics or city centre managers. Our mission at Mytraffic is to support them in coping with this uncertainty by taking decisions based on factual data.”
Mytraffic has more than 300 clients in Europe, including American Express, The Body Shop, H&M, and Carrefour, as well as nearly 100 cities and public entities, such as the City of Strasbourg, La Poste, the Caisse des Dépôts, Brussels or Karlsruhe.