Reachify Closes Funding Round, Eyes Expansion
Reachify, a data science firm that helps buyers and sellers of enterprise software “make more informed decisions,” said it was infused with $1.5 million in funding led by Forerunner Ventures along with NEA, Female Founders Fund, Beanstalk Ventures and Commerce Ventures.
The company said the funding will help it “further expand its reach in the retail sector, while building traction in new categories including travel, insurance, banking, automotive and consumer-packaged goods.”
Cindy Lincks, chief executive officer and founder of Reachify, said there’s “an abundant amount of data that buyers and sellers of enterprise software need in order to make intelligent decisions. However, until now, this data has never been collected or made available in a useful format.” Lincks noted that her company has “solved this problem,” and hopes the solution will “transform the $620 billion enterprise software market.”
Reachify said that the enterprise software market is growing at a rapid pace – and across all industries. “The growing complexity means there is no single reliable source for sellers or buyers to gather product, market and competitive information,” the company said, adding that Reachify “provides the first comprehensive source of the right data and insights, which enables both sellers and buyers of enterprise software make more informed decisions.”
Lincks told WWD that “everyone is using technology” and generating data. “And everyone has A-B testing, and is using analytics,” she noted, adding that the need across business segments is to put that data to use to help inform business decisions. Eurie Kim of Forerunner Ventures said that every industry is “struggling to keep up with the pace of change that technology is driving in their businesses.”
“Retailers and brands are no exception,” Kim explained. “What stood out about Reachify is the simplicity of the platform and the efficiency with which they are able to bridge the disconnect between buyers of software up and down the stack who are overwhelmed by lack of organized information and the overload of options, with software vendors who are looking to find the right customers for their solutions.”
Amit Mukherjee of NEA said Reachify’s ability to “cut through the noise and streamline both vendor selection and the sales process solves a large and critical problem for a very large industry.”
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