Teikametrics raises $10M to optimize Amazon ads
With Amazon Advertising poised to become a $100B business over the next decade, Teikametrics, the leading Retail Optimization Platform (ROP) that helps retailers, brands and agencies grow revenue and increase profitability on Amazon, announced that it has raised $10 million in a Series A funding round led by Granite Point Capital, Jump Capital and FJ Labs. The company will utilize the investment to accelerate the momentum and development of its machine-learning powered SaaS platform, Teikametrics Flywheel, which gives sellers and brands advanced data science technology to dynamically manage their Amazon Advertising by increasing conversions, sales velocity, and Return On Advertising Spend (ROAS).
Teikametrics uses big data modeling to crunch billions of dollars of Amazon transactions across thousands of sellers on the Teikametrics platform. These advanced algorithms help individual sellers by automatically optimizing keywords, bids and advertising campaigns to build conversion momentum and gain market share. With the recent introduction of Teikametrics Flywheel, the company — whose sellers account for over 1% of all eCommerce sales on Amazon — is now providing sellers and brands a next-generation automation platform to optimize Amazon Advertising and generate higher returns on advertising spend as well as overall profitability. Sellers and brands using Teikametrics Flywheel have unprecedented visibility into product-level Amazon Advertising performance alongside profitability metrics including gross profit margin, profitability after advertising spend and more.
“We are excited to have the support of world-class investors who recognize the opportunity to use big data to change the future of retail,” said Alasdair McLean-Foreman, CEO of Teikametrics. “With data science technology built by world-renown econometricians we help thousands of sellers and brands grow revenue and optimize profitability on Amazon’s platform which continues to grow share of overall retail sales. Third-party sellers and brands generate over 60% of Amazon’s eCommerce transactions and need optimization technology to win on the marketplace. This investment will allow us to continue to innovate and accelerate our mission of enabling leading sellers and brands to reach millions of customers while optimizing for profitability across Amazon and other leading marketplaces.”
“Amazon’s Advertising business is booming and is rapidly gaining market share from Google and Facebook, but brands are flying blind without technology to help them maximize performance,” said Austin Westerling of Granite Point Capital. “Teikametrics has built a beachhead as the leading platform for brands selling on Amazon, taking the guess-work out of critical business decisions by offering truly sophisticated, yet easy to use tools to grow revenue and optimize profitability. The leadership team’s deep domain experience combined with the company’s big data advantage and proprietary technology is why we believe Teikametrics can build a very meaningful company extending its lead within Amazon and expanding into many other marketplaces as the dominant retail optimization platform.”
Retailers interested in signing up for access to Teikametrics Flywheel can visit: http://www.teikametrics.com/flywheel
Teikametrics is the leading Retail Optimization Platform (ROP) that helps retailers, brands and agencies grow revenue and increase profitability on Amazon. Teikametrics optimizes billions of transactions for thousands of retailers around the world selling on Amazon and other marketplaces. Founded in 2013, Teikametrics uses proprietary econometrics and machine-learning data models packaged in a simple SaaS interface. The company combines best in class technology with deep domain expertise in selling on Amazon. Retailers and brands such as Razer, Power Practical, Zipline Ski, and Mark Cuban’s Brands are increasingly turning to Teikametrics to harness the full potential of selling and advertising on Amazon, and build profitability and market share. For more information, visit www.teikametrics.com.