Cologne, Germany-based Buynomics, a SaaS platform, announced on Tuesday, November 15, that it has secured €13M in a Series A round of funding led by Insight Partners.
Other existing investors including LaFamiglia, Seedcamp, Dieter von Holtzbrinck Ventures (DvH Ventures), and Tomahawk, also participated.
The German company will use the capital to accelerate the growth of the product and commercial team and expand into the US market.
“In this dynamic environment, where brands are trying to rethink their operating models, Buynomics enables a deeper understanding of the value consumers to assign to individual products,” says Ingo Reinhardt, co-founder and Managing Director of Buynomics.
“As the pressure for corporations continues to mount, Buynomics strives to become the operating system for all commercial decisions,” he adds.
Buynomics: What you need to know
Founded in 2018 by Dr. Ingo Reinhardt, Dr. Sebastian Baier, and Dr. Emilio Matthaei, Buynomics is an analytics platform that aims to help enterprises to land more profitable decisions leading to revenue optimisation and sustainable profit growth.
The German company does this by leveraging Machine Learning (ML) and data from behavioural economics to simulate how consumers make a purchasing decision.
Unlike the simplistic tools that use price elasticities and customer segmentations to understand how consumers react to offer changes, the SaaS company has developed Virtual Customer technology that models the preferences and buying decisions of large groups of individual customers.
This technology can integrate large amounts of data from a broad range of sources, such as transaction or survey data, to better understand customer behaviour.
As per the company’s claims, many organisation uses its solution to make data-driven decisions about their current and new products, overall portfolio structure, pricing, promotions, trade terms, and more.
“We are currently convincing most of our clients with our webinars and white papers. We see a clear need for high-quality content and are in a prime position to deliver it”, says Sebastian Baier, co-founder and Managing Director of Buynomics.
As of June 30, 2022, the firm has over $80B in regulatory assets under management.
Based out of New York, Insight Partners has invested in over 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO.
“Buynomics provides a simulation-based pricing platform to help companies optimize revenue and profits. Large companies have typically relied on consultants or in-house solutions to drive these decisions; however, Buynomics’ software solution for offer optimisation generates significantly stronger ROI than consultants, empowering customers to run their pricing simulations,” said Max Wolff, Principal at Insight Partners.
“Buynomics’ leading technology and proven market traction have made them stand out. We look forward to partnering with the Buynomics team on their growth journey to build the operating system for all commercial decisions,” he says.