Label Insight, a Chicago, IL-based provider of SaaS data solutions providing insights and strengthening the connections between Consumer Packaged Goods (CPG) brands, retailers and consumers, raised US$10m in Series B equity funding.
The round was led by KPMG Capital with participation from existing investors Mercury Fund, Cultivation Capital, Serra Ventures and dunnhumby Ventures and new investor West Capital Advisors.
The company, which has raised a total of $14m to date, will use the funds to develop new products, broaden custom data views and expand data science capabilities.
Led by Anton Xavier, CEO, Label Insight has developed proprietary technology that add smart attributes, such as nutrients and allergens to basic food and beverage product information providing CPG brands and retailers with a deep understanding of their product set.
These attributes are customized to meet data views requested by retailers or required to participate in industry efforts, such as the SmartLabel™ transparency initiative. The company also works with the U.S. Food and Drug Administration (FDA) to support the agency’s ongoing initiatives around ingredient and nutrient analysis.
The investment by KPMG will allow KPMG member firms to offer CPG clients access to Label Insight’s product data platform, and to work with Label Insight to enter new markets and build relationships with retailers, manufacturers and government agencies around the globe.