Cuebiq, a consumer insights company, has secured a $27m Series B funding round from a group of investors.
The round was co-led by Goldman Sachs Principal Strategic Investments, Nasdaq Ventures, DRW Venture Capital, Tribeca Venture Partners and existing backers Tribeca Angels and TLcom Capital.
As part of the transaction, Tribeca Venture Partners co-founder and managing partner Brian Hirsch, Balyasny Asset Management head of private investments Marco DeMeireles has joined the company’s board of directors.
New York-based Cuebiq completes anonymous location data collection and analysis of offline trends to help brick and mortar companies understand store performance and effectiveness in order to compete with e-commerce. Its platform, which uses machine learning algorithms and AI technology, is used by financial services to drive business strategies and identify consumers based on habits.
Its SaaS-based platform helps businesses to target brand loyalists, switchers or lapsed consumers, track various trends, access real-time footfall data and monitor marketing campaigns.
The company has seen a 3.2-times YoY growth in revenue and a 2.4-time rise in its customer based, with its solution being used by more than 1,300 businesses.
Through the new funding, Cuebiq hopes to further its product development, expand global operations and accelerate its data privacy initiatives.
Over the past year, Cuebiq has been preparing for GDPR by providing partner apps with a solution to improve consent and opt-out management.
Goldman Sachs’ PSI group managing director Ashwin Gupta said, “As the alternative data industry continues to mature, there are growing applications and opportunities for the financial community to make smarter investment decisions.
“Of particular importance to us in making this investment is the fact that Cuebiq is a leader in privacy technology. As we believe data privacy is the defining issue in the consumer insight analysis segment today, we are delighted to be partnering with an innovative company that is leading technology advancement for this purpose.”
The investment will also see the company utilise blockchain technology to build an open data marketplace to bring economic value to data companies, clients and consumers.
Head of Nasdaq Ventures Gary Offner said, “Complementing our investment, we will explore opportunities to leverage Cuebiq’s intelligence for our clients, as well as potentially applying our blockchain and zero knowledge-proof technologies via our Nasdaq Financial Framework to further drive Cuebiq’s data privacy initiative.”
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