Daasity, an e-commerce analytics and data company, secured $15 million in Series A funding as it continues developing its approach to helping consumer brands better leverage their customer data to make smarter decisions.
VMG Catalyst led the oversubscribed round and was joined by existing investors Cove Fund, Exeter Capital, 1855 Capital, Mooring Ventures, Okapi Venture Capital and Serra Ventures. This gives the company $20.7 million in total funding to date, CEO Dan LeBlanc told TechCrunch via email.
The company’s technology enables brands to pull in all of their data from different places, like Shopify, Amazon, Facebook and Klaviyo, analyze it and push it to marketing channels to optimize customer experiences based on insights from a historical performance.
“There have never been more consumer product brands, and competition among them is at an all-time high,” LeBlanc said. “Brands win by having access to the right data, which leads to faster and more confident decision-making. Data demands have never been higher, and we are investing in the data infrastructure to get brands the access to the data they need.”
Daasity is working with more than 1,600 brands, including Manscaped, Vuori and Caraway Home, and in the past year grew its annual recurring revenue by 300%, while also growing its headcount by 100%.
The new funding will enable further employee growth, with LeBlanc expecting to grow another 160% by the end of 2022. The company is also investing in technology development for better data accessibility, data sources and educational resources for better insight into results. It will also be working on more personalized customer data.
Next up, the company will be heads down in making brands’ data infrastructure modular by allowing the ability to configure components of their data infrastructure — as easily as they select food from a menu, LeBlanc said. It is also adding 35 integrations, like data sources, warehousing options, transformation capabilities and visualization tools.
Brooke Kiley, partner at VMG Catalyst, said in a written statement that the firm was “thrilled to continue our partnership with Dan and the Daasity team as they enter their next phase of growth. We consistently see how difficult it is for brands to act on their data, yet there is a greater need than ever. It is vital to utilize data to succeed in today’s competitive e-commerce environment. Daasity makes data accessible to all brands, empowering them with actionable insights and the ability to enrich their marketing channels with essential customer data.”