involves closes us$5.5 million investment with bridge one
Contxto – Brazilian startup Involves was recently involved in an investment round where it raised R$23.5 million (about US$5.5 million). Bridge One contributed with funds according to Pequenas Empresas & Grandes Negócios.
This startup helps manufacturers trade market their goods through technology.
And now it’s the first time Involves has raised equity since its near twelve-year existence.
In any case, the startup from Florianópolis will use the investment to hire local staff in Colombia and Mexico. Likewise, the development team will further enhance its artificial intelligence (AI) technology.
For 2020, it hopes to grow 50 percent, as it did in 2019.
Merchandising technology
André Krummenauer, Gabriel Nunes, Guilherme Coan, Leonardo Coelho, and Pedro Galoppini are the minds behind Involves.
The startup’s core business stems from a software as a service (SaaS) model known as “Involves Stage”. Through this “staged” platform, manufacturing businesses can access various tools that ease the process of letting the world know what they have to offer via a merchandising team.
In other words, manufacturing businesses, like L’Óreal and Unilever pay for Involves’ tech which in turn, is placed in the hands of product promoters. These individuals use the system to synchronize the manufacturers’ sales goals with their placement efforts at any point of sale.
The software collects the data gathered by the promoters. This information allows businesses to monitor progress and plan accordingly.
Involves also adds AI technology through its Shelfscan feature. Through it, the technology can make recommendations on what and how much of a product should be placed on a shelf.
Finding the right fit
Apparently, reaching their core product wasn’t an instant process. Prior to focusing on technology for manufacturers, the founders had explored other options.
Among which there was an app for scheduling medical appointments and a social network of sorts for soccer.
It didn’t take two or three tries, however.
“Our eleventh product became the startup we have today,” said Krummenauer.
Try, try, try again… until you succeed.
Related articles: Tech and startups in Brazil!
-ML
