German startup Pricefx claims to be a global leader in cloud-native pricing software. Today, this startup has announced that it has secured $65 million (nearly €57.2 million) Series C funding led by Apax Digital, the growth equity team of Apax Partners along with participation from Digital+ Partners, its existing investor. With this investment, the funding raised by Pricefx is now $130 million (nearly €114.4 million).
Intends to solidify leadership in the market
The new funding will be used by Munich-based company Pricefx to expand and solidify its global market leadership position as the only true SaaS platform available in the pricing industry. Also, the German SaaS startup will use the investment to accelerate product innovation, evaluate strategic acquisitions and extend its partner ecosystem.
“Pricing is being recognised as a critical competency for global enterprises and Pricefx is leading the way for a SaaS-based approach,” said Marcin Cichon, CEO and co-founder of Pricefx. “This investment from Apax confirms Pricefx’s resilience, ability to grow its customer base, and innovate – even during challenging times. This investment will further power our global commercial strategy and aggressive product innovation, by attracting critical talent, expanding our growing ecosystem of partners, and enabling further potential strategic acquisitions – all in pursuit of our mission to bring pricing solutions to as many companies as we can, as simply and effectively as possible.”
“Pricing is one of the most important value creation levers for businesses, and we share Pricefx’s passion for making pricing software easier, faster and more accessible,” said Mark Beith, Partner of Apax Digital. “Companies are abandoning inefficient manual processes, disparate spreadsheets, and sub-optimal prices, and embracing Pricefx’s next-gen software, which dynamically manages, optimizes and updates prices across all channels.”
“We are thrilled to join Marcin and the whole Pricefx family on their mission to democratize pricing software and deliver best-in-class time to value and exceptional return on investment to their customers,” said Daniel O’Keefe, Managing Partner of Apax Digital.
Apart from the investment, Beith and O’Keefe of Apax Partners join Pricefx’s supervisory board.
“We are excited and proud to continue supporting the Pricefx team on their global growth journey. Pricefx demonstrates a relentless drive towards product innovation and customer success and we believe that they are well on-track to build the undisputed global category leader in pricing software,” said Axel Krieger, Founding Partner at Digital+ Partners.
Offers suite of cloud-based pricing software tools
With clients like Bosch, Iron Mountain, Media-Markt and Michelin — Pricefx offers a suite of cloud-based pricing software tools such as Price Optimisation, Management (PO&M) to Configure-Price-Quote (CPQ) for both B2B and B2C enterprises of all sizes. Founded in 2011 by Christian Tratz, Marcin Cichon, and Martin Wricke, Pricefx launched the first “6 weeks to live” activation accelerator with Lightning, delivering industry-leading time-to-value. During the COVID-19 crisis, SaaS solutions faced increased demand as companies had to rapidly and radically resolve digital transformation initiatives such as access to its Sales Insights solution free of charge. Especially, pricing software witnessed a drastic surge in interest due to the strong return in investment even during tough times.
Eventually, the pricing software Pricefx signed over a dozen new customer deals since March 2020. And, it also acquired French market leader Brennus Analytics that offers industry-leading AI capabilities in pricing optimisation.
Finalist in Ventana’s 3rd Annual Digital Innovation Awards
Recently, Pricefx was named a finalist in Ventana’s 3rd Annual Digital Innovation Awards. These awards identify the top technologies that have the most striking impact in their respective markets. It recognises pioneering vendors that bring about advancements in technology, drive change and increase value for organisations all over the world. Pricefx has a handful of disruptive innovations lined up for this year such as a self-service version of its analytics software, industry-specific Accelerator packages, enhanced CPQ functionality, and an AI-enhanced upgraded version of its PriceOptimiser product.
Main image picture credits: Pricefx