Consumers last year spent over $175 billion online with U.K. merchants, and those sales are expected to grow by more than 10% in 2022 - representing a market value of at least $200 billion. The relentless growth of e-commerce combined with rising customer expectations means the need for businesses to maximise performance and differentiate themselves from their competition has never been as acute.
Betting big on the segment, Dublin-based e-commerce data analytics platform Conjura has raised €15 million in funding. The Series A round was co-led by Act Venture Capital and MiddleGame Ventures, with participation from Tribal VC.
The new capital will enable the company to further boost its e-commerce solution to address the sector’s ever-increasing digital needs in a multi-product solution. It will also broaden the U.K. and Ireland operations and expand into several international markets simultaneously.
Founded in 2018, the platform combines benchmarking, company reporting and data science to propel e-commerce companies forward. Companies are able to compare their business performance against industry standards, receive deep-dive reporting to highlight their strengths, weaknesses, and opportunities for growth, as well as make smart decisions across all departments based on a 360-degree view of their operations.
Fran Quilty, CEO and co-founder, Conjura said: “Our unique approach to data analysis and our ability to provide full visibility into a company’s performance in one easy-to-use platform represents the next generation of e-commerce solutions. We are providing the tools businesses need to enhance their operational efficiency, as well as ensure they are providing the seamless digital experience today’s consumers expect.”
Debbie Rennick, general partner, Act Venture Capital added: “It is a data driven decision making platform designed for next generation e-commerce. Their strong growth to date is testament to the market opportunity and the real need for Conjura’s approach.”