Toronto retail analytics company Askuity closes $2 million Series A round

Toronto retail analytics platform Askuity has closed a $2 million Series A funding round, led by Boston-based dunnhumby Ventures, and supported by a group of investors “with deep retail and consumer goods experience.”
“Askuity is the right solution for the growing number of forward-thinking product companies who want to make data-driven decisions when it comes to merchandising, planning and retail execution at store-level,” remarked Eric Green, CEO and co-founder of Askuity. “Some of our customers are new to retail analytics and have recognized the need to do more with their data, while others have adopted the Askuity platform as a step-change improvement in their existing analytics capabilities.
Askuity’s easy-to-use platform is driving actionable insights and increased visibility across the organization, powering our customers’ businesses and boosting their bottom lines.”
Askuity’s analytics platform provides retailers with an information-rich stream of data relating to their point-of-sale data, collecting and harmonizing POS data with inventory to create a comprehensive retail overview.
“In the competitive retail market, retailers are increasingly looking to their product suppliers to help them improve customer satisfaction and loyalty,” said Raphi Savitz, Portfolio Manager at dunnhumby Ventures. “In driving lower out-of-stock rates, optimized product merchandising and improved marketing effectiveness, Askuity is empowering the sales and marketing teams of smart product companies to become even more valuable partners for their retailer customers.”
Askuity plans to use the money to accelerate sales and marketing efforts in new and existing markets.
Less than two months ago, Askuity effectively relaunched, unveiling version 2.0 of their platform.