Polar Analytics, a Paris, France-based company that provides Shopify brands with access to data from various apps in one centralized place, raised $9 million in Series A funding to support its expansion and enhance its services.
The round was led by Point Nine, with participation from existing investors, Frst, angel investors, and Polar Analytics customers. In total, the company has raised $10.5 million.
With the new funding, Polar Analytics intends to hire more engineers and product designers to expand its team, aiming to double its headcount over the next 18 months. Additionally, the company plans to strengthen its integrations with Shopify and help brands adapt to the challenges posed by an increasingly cookie-less world by ingesting more first-party data.
Polar Analytics offers a Software-as-a-Service (SaaS) model, with customers paying on a monthly or yearly basis, starting at approximately $400 per month, to set up and use the platform.
“E-commerce brands are undersold and overwhelmed with data. The typical brand on Shopify is using 15 different apps, however, among 30,000 brands we looked at, 0.1% of the 300,000 employees at those brands had data on hand,” CEO Dokes told TechCrunch. “We see the market as you no longer have to choose between retail or e-commerce, but actually going omnichannel and selling whenever it makes sense.”
“We’re on Shopify, and our immediate goal is to dominate this platform and establish a very strong footprint and market share,” Dokes said. “We’re aiming for 10,000 merchants, which is 5x what we’re currently doing. That’s a big milestone. We also want to expand to every e-commerce CMS so we can be with brands wherever they sell.”
Polar Analytics has customers in over 26 countries, with top markets being the United States, United Kingdom, France, and Australia. The company now supports more than 2,200 brands, including well-known names like Polène, the Frankie Shop, Albion Fit, and Manière de Voir. Most of its clients have yearly gross merchandise volumes above $1 million.
Company: Polar Analytics
Raised: $9.0M
Round: Series A
Funding Month: July 2023
Lead Investors: Point Nine
Additional Investors: Frst and Polar Analytics customers
Company Website: https://www.polaranalytics.com/
Software Category: Multichannel Analytics Software
About the Company: Founded in 2020 by David Dokes and Charbel Seif, Polar Analytics is a full-stack business intelligence solution combining Connectors, Data Visualizations, and Data-science to save time. Polar Analytics provides a SaaS-based multichannel analytics platform designed to connect all marketing data, easily analyze it, and get actionable insights. The company's platform helps its clients integrate and centralize all of their marketing data in one click, instantly calculate and analyze their KPIs, automatically monitor their metrics, and get smart insights, enabling businesses to bring data engineering, data analytics, and data science into one application.
Source: https://techcrunch.com/2023/07/18/polar-analytics-9m-shopify-brands-ecommerce/