Engage3 Secures Moneta Ventures as Lead Investor
DAVIS, CA - Engage3, bringer of a cross-industry platform that looks to address several challenges plaguing the Consumer Packaged Goods (CPG) industry, has announced a new investor.
Folsom-based Moneta Ventures, a leading technology venture firm in California’s capital region, will be leading the investment of Engage3’s Series B round of financing.
“We are thrilled to receive this investment from Moneta Ventures,” Ken Ouimet, Engage3 CEO, said in a press release. “The Moneta team has a history of founding and scaling companies to hundreds of millions of dollars in revenue, is the leading venture group in the region, and has a proven hands-on approach of working with their portfolio companies as they reach their growth stage.”
Current investors include two leaders among the U.S. consumer media market, The McClatchy Company and Swift Communications.
The company plans to use this capital to ramp revenue growth from its competitive intelligence platform, and to accelerate the implementation of its personalized promotions platform.
“Engage3’s management team has a great record in the retail space. Their demonstrated domain expertise combined with current customer traction, the technology platform they have already built, and the product roadmap makes a very compelling investment thesis,” Lokesh Sikaria, Managing Partner of Moneta Ventures, said. “Engage3 is well established in the ecosystem and has partners poised to change the way consumer goods are bought and sold. We are happy to lead this round of investment and to work with the team to raise additional investment.”
In CPG alone, $1 trillion is spent globally on consumer and trade promotions, according to Engage3, but most fail or break even.
The company brings over 40 years’ worth of product and pricing data to help maximize margins and set competitive market prices for CPG companies, incorporating:
- Digital assistants
- Predictive analytics
- Market intelligence cloud
A study by Arizona State University found that Engage3 is able to return a 5x improvement over traditional mass promotions, leveraging the combination of data science, digital assistants, and competitive intelligence.
The platform, which could influence $3.7 trillion of retail spending in the U.S. alone, will be utilized through consumer media companies, directly through retailers’ loyalty and customer relationship management programs.