Algori, a Madrid, Spain-based data insights startup focused on the consumer goods industry, has raised €3.3 million in seed funding, bringing its total funding to €4.3 million.
The round was co-led by Shilling Capital and Change Ventures, with participation from Flashpoint VC and several angel investors, including former Numerator Board Member and Infoscout CEO Jared Schrieber.
The funds will be used to scale the business in Spain, expand data science capabilities, and enter new markets in Western Europe.
Algori aims to address the challenges faced by fast-moving consumer goods (FMCG) companies, such as inflation, supply chain disruptions, and evolving consumer preferences.
Andrius Juozapaitis, CEO and co-founder of Algori, said: “We are leveraging technology in a new way, rethinking the entire process to push the boundaries of FMCG data insights and significantly accelerate the data-driven decision-making capabilities in the sector. Our ultimate goal is to help consumer goods companies get more distribution, more sales, and execute their marketing strategies better.”
Algori differentiates itself from traditional consumer panels by offering faster data submission through its app and providing more granular and accurate data. It covers SKUs from both traditional and challenger brands, offering weekly or monthly insights instead of relying solely on quarterly or annual data.
The startup has already partnered with leading FMCG companies in the Iberian region and plans to roll out its new products in Spain before expanding into other major Western European markets.
Round: Seed Round
Funding Month: July 2023
Lead Investors: Shilling Capital and Change Ventures
Company Website: https://algori.ai/
Software Category: AI-based Consumer Analytics Platform
About the Company: Founded in Madrid in 2019, Algori is an AI-enabled consumer analytics platform. By using AI and data organization capabilities, Algori can identify individual shopping basket items without relying on retailer sales system integrations. Algori leverages data science, machine learning, and its own consumer app to gather shopping data. The data is enriched with shopper demographics, psychographics, past purchase history, and store locations, providing valuable insights at the stock-keeping unit (SKU) level in near real-time. Algori also simplifies data interpretation and decision-making through its streamlined Insights Portal, eliminating the need for technical intermediaries.