Paris-based Alkemics, the company which helps brands connect and launch their products with retailers has snagged €21 million as part of Series C financing led by Highland Europe. Existing backers, Cathay Innovation, Index Ventures, SEB Alliance, and Serena Capital also participated in the funding.
Before this funding, the firm had picked up €20M million in its Series B fundraising in 2016 which was co-led by Cathay Innovation and Serena. The current financing takes the total amount raised the company to €46 million.
Alkemics was started in 2011 by Antoine Durieux, Antoine Perrin, and Benoit Portoleau-Balloy. Since its inception, the company has grown leaps and bounds. The firm says that in the COVID-19 times, there is huge demand from grocers and suppliers. It says that there will be at least a 25% surge in the online grocery industry.
Antoine Durieux, the CEO of the firm talking about the company says, “Our aim is to make B2B business quick, easy and interactive. The Alkemics platform is helping thousands of suppliers and retailers across Europe to work closely together, to simplify their collaboration, to speed up products go-to-market and to ensure that product data is always as transparent and up to date as possible”.
Highland Europe partner Tony Zappala talking about the financing notes that “The last two months have demonstrated to everyone how retail technology is a critical part of our infrastructure. Alkemics’ high level of technical functionality and ultra-flexible data model can tackle all different verticals in the retail industry and is, therefore, able to respond rapidly and effectively to unprecedented levels of demand, at the outset of the coronavirus pandemic in Europe."
It will be interesting to see how the firm utilizes the finances and once things get normal post the challenges of COVID-19 and keep growing.
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