Tengelmann Ventures and IBB Beteiligungsgeschaft’s VC fund Technologie Berlin invested a seven digit Euro investment in Berlin-based retail analytics startup 42reports.
42reports connects existing and new retail technologies such as wifi tracking, camera and iBeacon to one central platform. Its goal is to become the new standard for offline performance measurement to let offline retailers make data driven decisions similar to online stores.
Tengelmann Venture’s CEO Christian Winter explained that the software was tested in one of the VS’s commercial firms and showed results that were quite relevant to sales. “We think retail analysis is a trendsetting market and believe 42reports will assert itself with its excellent product.”
“The importance of business intelligence and the accurate measurement of the flow of customers in e-commerce is obvious,” adds Clemens Kabel, General Manager at IBB Beteiligungsgesellschaft. He said that the team will help stores in data-based optimisation of their location and promotion.
The funding will mostly be used for sales and distribution as well as the next generation of its product.
42reports was found in 2013 by Christian Wallin. The team has grown to developer, mathematicians, data analysts and sales people. 42reports can be used in 50m2 kiosks as well as 50.000m2 malls. Previous investors include Waterkant Invest and e42.
Image: 42reports screenshot