BeMyEye, the European leader in data-driven field marketing, announced today that it has secured $10.5M in Series C financing, led by new growth investor, FII Tech Growth, with investment also secured from existing backers Nauta Capital, P101 Ventures, and 360 Capital Partners. BeMyEye plans to use this new investment to further accelerate its European expansion and scale the business globally.
BeMyEye is taking retail execution to the next level by providing real-time in-store data to FMCG and consumer electronic brands about numerical distribution, weekend out of stocks and promotional compliance. The data is analysed and packaged in the form of actionable insights that many of the biggest blue-chip brands in the world – including Mattel, Nestlé, Samsung, Heineken, Reckitt Benkiser, Lavazza and Ferrero – use to optimise their field force activity and perfect their go-to-market investments, worth $1 trillion every year in promotional activities alone.
Since inception, BeMyEye has collected over 2 million sets of data and images covering more than 650k stores, revealing the big challenges faced by FMCG and Consumer Durable manufacturers impacting revenues:
Promotional compliance against joint business plans between manufacturers and retailers averages at a low 72%
Weekend out of stock issues for popular products can be as high as 20%.
Numerical distribution of new products launched into the market seldom reaches 60%, against expectations of at least 80%
Luca Pagano, CEO of BeMyEye comments: “FII Tech Growth’s entry is a key step in the company’s growth phase. We are facing an ever-growing demand from large international clients to enter new markets quickly. This funding will be used to accelerate the globalisation of our key products, while providing ever greater opportunities for the world’s unskilled workforce to earn money in their spare time.”
The acceleration on geographical growth is BeMyEye’s reply to the needs of FMCG, CPG and consumer durables manufacturers who more and more demand a one-world view of their in-store retail execution. Such acceleration on growth will be confirmed by further M&A activity to be announced shortly after the round. This follows the acquisition of the French leader, LocalEyes, in 2016, and the strategic partnership formed with the USA’s largest provider of crowdsource in store data, Quri, in 2017.