Berlin and Chicago-based marketing information systems company Market Logic has announced a new 45 million euro ($50.7 million) growth equity investment. Investors include Sycamore, Summit Partners and GENUI.
Market Logic founder and CEO Kay Iversen says the “rapid adoption” of the firm’s platforms by leading brands confirms that “marketing executives are hungry for better ways to ensure market and consumer knowledge is systematically used in innovation and brand building decisions.” Customers including consumer giants Unilever, Colgate and Coca-Cola use the platform’s software to plan, execute and reuse market research to enhance sales decisions and bolster their marketing and innovation strategies.
The provider of enterprise SaaS marketing information systems says it will use the funds to accelerate its “significant advances” into the cognitive computing realm. The venture-backed fund will add Bernd-Michael Rumpf and Max Odefey of GENUI along with Matthias Allgaier from Summit to its board of directors.
Summit’s Managing Director Matthias Allgaier applauded Market Logic’s easy to implement proprietary AI-powered technology, while GENUI’s Bernd-Michael Rumpf, former CEO of SAP SI, said the company’s entrepreneurial management team was a key factor driving the firm’s decision to invest. Managing Director Thomas van Aubel of existing investor Sycamore is confident that the “additional firepower” on Market Logic’s board will help the company reach the next stage in its growth story.
The transaction is subject to official approval by the European Commission.