Linthicum Heights-based Impact Analytics announced Tuesday that it closed on $11 million in growth financing in a Series A round.
The financing was led by Argentum Capital Partners, a New York-based growth equity firm that counts bootstrapped B2B software companies among its focus areas. That makes it a fit with Impact Analytics, which has a data-driven platform that powers SaaS products to help retailers, consumer packaged goods manufacturers and the hospitality industry. The company said its clients include name brands such as Calvin Klein, Tommy Hilfiger, Puma, JoAnn and Belk.
“Impact Analytics was founded in 2015 with a vision to eliminate Excel and other legacy tools used for making decisions,” said Impact CEO Prashant Agrawal. “Our goal was to create easy to use, next-gen decision systems by leveraging the internal data of our clients while automating a significant part of the process.”
The company’s technology helps with functions such as forecasting, planning and merchandising of their products. This has become more important in the pandemic, Argentum Managing Partner Walter Barandiarán said in a statement.
“Brands and retailers have been forced to re-think overnight their approach to planning and merchandising, as substantial sales volume moved swiftly from bricks & mortar to online commerce. Brands and retailers must now and in the future make smart, data-based decisions in real-time about inventory, pricing and promotion. Impact is well-positioned to fulfill this market need,” said Barandiarán, who is joining the Impact’s board.
Following the funding round, Impact Analytics plans to build out sales and tech teams.
“Our team is about 250 people right now globally and anticipated to grow more in the coming months as we prepare for the next chapter of our growth,” Agrawal said.-30-