Pricefx, the Bavarian-based native cloud pricing software, has secured €23 million in additional funding to close out the company’s Series B round. This phase II investment was led by Digital+ Partners and Bain & Company, with participation from Series A investor Talis Capital. It follows the €25 million phase I funding in December 2018, bringing the Series B total to €48 million.
The German company provides a modular SaaS solution for Price Optimization, Management (PO&M) and Configure-Price-Quote (CPQ) for enterprises of any size, based in native cloud architecture. “Pricefx has become the leading SaaS pricing solution provider on the market through its customer centric approach and by offering a feature-rich, highly flexible pricing tool that is also risk free and fast to implement,” said Axel Krieger, Founding Partner at Digital+ Partners.
In fact, it won Product of the Year in the 2019 Sales and Marketing Technology awards (SAMMYs), the only pricing solution to do so.
On the heels of this latest funding, the company’s valuation has nearly tripled in the last twelve months. The Series B will help Pricefx expand it’s award-winning platform and make some strategic M&A deals.
Tom Fencl, CFO of Pricefx, explained: “We are experiencing great momentum, particularly in the United States. This funding allows us to more than double our investment in sales and marketing in 2020. As we grow, we are also beginning to look at potential acquisitions to expand our functional footprint in the area of optimisation and artificial intelligence as well as offer higher value to our customers through specialised industry knowhow and expertise.”
CEO and co-founder Marcin Cichon commented, “This new funding will allow us to further expand our platform capabilities, add new functionality and introduce several new, game-changing products to the market in 2020. We anticipate continued global expansion through both organic and partner-enabled growth, as well as strategic projects. Our investors are excited about our path forward, and this subsequent investment helps to secure their positions ahead of our further expansion.”
“Over the last year, we have been collaborating with Pricefx on a new disruptive offering for the market,” said Ron Kermisch, partner and director at Bain & Company and the company’s global pricing product lead. “We are very excited about its upcoming innovation and happy to see Pricefx executing its strategy to become the de-facto software standard in pricing.”