Formulate, a Stockholm, Sweden-based SaaS retail-promotion startup, raised €3.7m in late seed funding round.
The round was led by henQ, with participation from Industrifonden and J12 Ventures.
The funds raised will be invested in international expansion and growing the team.
Co-founded by Andreas Willgert (CEO), Arvid Stenback (CRO) and Robin Bartholdson (CTO), together with early hire Anna Blomdell (CPO), Formulate is a SaaS company focusing on AI solutions for retail promotions. Its Retail DecisionCloud is a cloud-based AI SaaS solution that allows users to get a comprehensive analysis of all their past promotions, and reliable forecasts of all their planned promotions. They can also simulate the effect of promotions in the ideation phase. Current customers include leading Swedish retailers, such as Coop and Apoteket.