Profitero Raises $20 million in Series B Round of Financing; Announces New Leadership

By: Retail CIO Outlook | Thursday, April 23, 2020

Profitero, one of the leading global enterprise eCommerce SaaS analytics platforms, has raised $20 million in Series B round of financing. The firm also named ad industry veterans Bryan Wiener and Sarah Hofstetter as its chief executive and president, respectively

Fremont, CA: Profitero, one of the leading global enterprise eCommerce SaaS analytics platforms, has raised $20 million in Series B round of financing. The firm also named ad industry veterans Bryan Wiener and Sarah Hofstetter as its chief executive and president, respectively. Profitero intends to use the proceeds of the financing round to expand its businesses through acquisitions and developing new products and services. Scaleworks co-led the $20 million Series B round with participation from Conviction Capital. Scaleworks Venture Equity Fund was created to invest in high-potential SaaS businesses that could benefit from an increased focus on strategy, go-to-market, and team building.

"eCommerce was already on a major growth trajectory, but COVID-19 has sent it into hyperdrive by forcing consumers to adopt online ordering behaviors at a much faster rate," said Lew Moorman, Co-Founder and General Partner at Scaleworks. "These major shifts in digital purchase behavior have created a huge opportunity for Profitero as one of the few platforms capable of helping brands optimize their digital businesses across thousands of retailer sites and on a global scale. With Bryan, Sarah, and Sandor onboard, Profitero has the veteran leadership it needs to remain the leading global innovator in the market."

"A decade ago, search, and social media were the hot trends keeping CEOs and CMOs up at night; now it's digital commerce. The pattern is the same: consumers are shifting behavior, and brands must follow suit or face irrelevance," said Wiener, Profitero's CEO. "The complexity and dynamic nature of eCommerce requires platforms like Profitero to ensure brands are putting the right product in the right place at the right time with the right level of promotion behind it."

"Profitero is our lifeline for navigating the volatile conditions created by COVID-19," said Stacy Hanks, Director of eCommerce at The Master Lock Company. "We meet daily as an eCommerce team to assess the health of our business and to prioritize critical cross-functional actions needed to drive results. Profitero's data is powering this process and allowing us to quickly adapt our supply chain, pricing, and advertising strategies so we can maintain growth - and most importantly - keep meeting our customers' needs during this critical time."

"I've had the pleasure of working with Bryan, Sarah, and Sandor over the last three months, and their positive impact is already being felt across the organization," said Noel Ruane, Profitero's Chairman. "Their highly relevant domain expertise and leadership experience, combined with the significant capital commitment led by Scaleworks, is a perfect one-two punch to exploit the unrivaled capabilities and potential of the Profitero platform. This is a crucial time for companies to be well-led and well-capitalized."

"eCommerce has never been more important, yet many brands are overwhelmed by its complexity and dynamic pace of change. In fact, according to Profitero's recent industry study, 71 percent of brand executives say their organizations are merely catching up or keeping pace with competitors in eCommerce, instead of leading them," said Hofstetter, Profitero's President. "My entire career has been defined by helping brands reduce the complexity of adapting to emerging digital trends: first, it was social media and digital marketing, now it is digital commerce. I'm excited to help Profitero's clients transform their businesses."

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