Mytraffic wraps up €30 million fundraise for BI in brick-and-mortar settings

AXA Venture Partners is getting involved following a B-stage cheque for web analytics-grade digital intelligence for brick-and-mortar from Paris startup Mytraffic
Mytraffic wraps up €30 million fundraise for BI in brick-and-mortar settings

Mytraffic, a Paris, France-based provider of web analytics-grade digital intelligence to track footfall at physical addresses, has scooped up €30 million in a round led by AXA Venture Partners, the strategic investment arm of insurance firm AXA.

A two-year hiring drive will fund refinements to Mytraffic’s locational intelligence stack, covering any physical address in Europe, in retail, public sector, real estate, or mobility. Over 100 new data managers, scientists, engineers and product managers are expected to come on board.

Since 2019, Mytraffic has benefited from turbocharged revenue growth - at a rate of 2x/year - and it’s on track to achieve the same feat over 2022, and again into next year. Seems there’s a bustling market for BI to complement digital transformational brick-and-mortar insights from hard touch points - PoS, smart cameras and the like - and Mytraffic believes it has hit on the right formula, interface and a range of high-quality BI touch points.

The new funding comes in the form of a series B bringing Mytraffic’s lifetime total to €45 million since it was founded in 2016.

It’s also been earmarked for getting more precision into Mytraffic’s location-driven analytics, specifically features that break it all down in terms of visitor info, spends and the real rental value of the customer property.

Likewise, it’s the real business value of those touch points that’s garnering growth, allowing Mytraffic to target accelerated growth across Europe. Any location on the continent can be entered into the Mytraffic interface, which is purchased through a software-as-a-service model.

The work of five years in research and development, Mytraffic says its algorithms have been fine-tuned to handle teraoctets of raw data. Purchasing habits can be used to predict revenue for new stores; vehicle traffic as a proxy for measuring footfall; and rent value to broker a fair deal at the end of each lease agreement.AXA’s series B lead investment was backed by supporting contributions from Alven, which led Mytraffic’s earlier series A round in September 2021, and also the venture fund for Pierre Kosciusko-Morizet.

Kernel.Hakim Saadaoui, co-founder and CEO of Mytraffic, said: “There is a huge discrepancy between the quality and the volume of real-time accurate information available to any website manager, and the imprecise, partial and outdated insights currently available to physical location operators. We aim to restore this imbalance.”

Mytraffic is looking to double down heavily on European staff recruitment, bringing on 20 senior hires across its five head offices, spread across Germany, Spain and the UK.

The aim is to lock down a market position in location insights - expected to reach €10bn of value in Europe alone this year; by signing up clientele right across the board, in everything from retail, to public sector offices, to real estate and mobility.

Follow the developments in the technology world. What would you like us to deliver to you?
Your subscription registration has been successfully created.