Formulate, a SaaS company focusing on AI solutions for retail promotions, announces they have closed a late-seed round of €3.7 million, led by henQ, with the participation of Industrifonden and J12 Ventures. As per the company claims, the funds raised will be invested in international expansion and growing the team.
While most of the analyses and forecasts were done on gut-feel alone, Formulate has designed, developed, and begun to sell Retail DecisionCloud, a cloud-based AI SaaS solution.
Andreas Willgert, CEO of Formulate, says:
Their fund is focused on B2B enterprise software, they are skilled in supporting companies like ours in international expansion, and they know what is required to enter the US eventually. Right now, we are super focused on bringing Retail DecisionCloud to the European market.
By using Retail DecisionCloud, users get a comprehensive analysis of all their past promotions and reliable forecasts of all their planned promotions.
Willgert adds:
Retail as an industry is changing, and leveraging data is at the core of that change. Retail analytics is a 3bn EUR industry, and it is rapidly growing. Our promotion analytics solution is tackling a classic retail problem with state-of-the-art technology, and the potential to create value is significant.
This enables retailers to improve continuously and to collaborate with suppliers innovatively. Current customers include leading Swedish retailers, such as Coop and Apoteket.
Founded by Andreas Willgert (CEO), Arvid Stenback (CRO), and Robin Bartholdson (CTO), together with early hire Anna Blomdell (CPO), Formulate is based out of Stockholm.
Main image credits: Formulate
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