Thanks to a major investment from Spectrum Equity, Datassential is gearing up to provide a host of new services to its clients. A trusted provider of data related to the foodservice industry, Datassential is witnessing rapid growth that is taking on new heights due to this infusion of capital.
Based in Chicago, IL, and with a mission to help the food industry make “Simply Smarter Decisions,” Datassential collects information about food trends and brand data and packages it into usable data. The various tools available enable food manufacturers, restaurants, consumer packaged goods companies, and food retailers in more than 75 countries to tailor their products and services to customers’ preferences.
For example, Datassential reported on the popularity of Toum, a Lebanese condiment made with garlic, lemon juice, olive oil, and salt, and predicted it would become a hot commodity in the United States in the near future. The company’s research has also shown which types of fish will likely be in demand in supermarkets and on restaurant menus in the upcoming year.
Clients can then use this type of information to take advantage of upcoming trends. In addition, with Datassential’s recent infusion of funds, the opportunity to expand its staff of analysts, researchers, and product engineers exponentially increases the amount of data and number of tools that the company will be able to produce.
“If you know Datassential, you know that we’ve always been a company driven by ideas—ours and especially yours. They are our lifeblood, and we’ve worked hard to create a culture that encourages taking a leap on new ideas we truly believe in, even if they seem impossible at first,” said Jack Li, who leads the Datassential team.
The firm making this investment, Spectrum Equity, is a growth-equity firm that has been providing capital to software, information, and Internet companies for more than 25 years. Some of these include GoodRx, Ancestry, Grubhub, and SurveyMonkey.
Spectrum Equity believes in more than just investing money. Instead, it looks to create partnerships and strong relationships with its portfolio companies. Its approach is one of shared vision, aligned interests, integrity, and hard work to build long-term success with world-class organizations.
As part of this transaction, the vice president of Spectrum Equity, Michael Radonich, as well as Jeff Haywood and Mike Farrell, managing directors at Spectrum Equity, will be joining Datassential’s board of directors. The exact financial terms of the transaction have not been disclosed.