Engage3, a Davis, California-based pricing platform for retailers and brands, secured an undisclosed amount of financing.
Wells Fargo Strategic Capital (NYSE: WFC), a division of Wells Fargo Commercial Capital, made the investment.
The company, which anticipates doubling revenues in 2019, plans to use the funding to expand its staff and scale up its go-to-market initiatives.
Led by Ken Ouimet, CEO and founder, Engage3 provides an integrated retail pricing platform that emphasizes data quality and the management of competitive pricing. Its Competitive Intelligence Platform (CIP) is an integrated end-to-end solution that uses data science to ensure data comprehensiveness, freshness, and accuracy. It enables retailers to automate the management and optimize the design of their competitive shop program; uses demand-side product attributes to link “like” competitor products; and reverse-engineers and monitors competitors’ pricing strategies.
The company’s Competitive Price Response (CPR) is a visual price modeling tool that optimizes pricing, using proprietary psychological models that measure consumers’ perception of retailers’ pricing and predicts the impact of price changes on that image.
Engage3 raised its Series B financing two years ago from retail technology-focused venture capitalists and is in the process of raising its Series C financing.