NEW YORK, United States — Launchmetrics, the technology and data analytics provider created from a 2016 merger between Fashion GPS, a software and services startup focused on fashion, and marketing software firm Augure, has closed a $50 million funding round aimed at quadrupling the business and expanding into new markets.
Led by Bpifrance, which has recently invested in PR firm DLX, followed by Seventure, Cipio Partners and Famille C, the minority stake will support the company’s projected growth from $25 million in revenue to $100 million in 2022. “What we want to achieve is build a solid software company but at the same time create an unrivalled data asset,” said Launchmetrics chief executive Michael Jaïs.
With 1,100 clients from the fashion, luxury and cosmetics industries, the company will seek to further support existing relationships through a capital-heavy team expansion of 150 total hires, many of them in software development and data.
Jaïs said that Launchmetrics would prioritise improving software capabilities, starting with its research on visual recognition algorithms to further aid in measuring media impact value, before looking to growth. “We want to get the best of data and make sure we provide the right insight to brands.”
However rapid expansion is also in the works — Germany, Asia and the Middle East are geographical targets for the company. While the firm already has clients present in the regions, it will seek to capitalise on the growing number of Asia and Middle East-native companies that are taking market share from established players.
One of the investors — Famille C — is the business of the Clarins family, whose expertise in the beauty business will become a lever of growth for Launchmetrics, said Jaïs . “It’s the reason why we’re pushing into beauty. They can help us a lot… at the same time, we can share a lot of data and know-how in those industries.”
The funding round comes after the company acquired Style Coalition, an online influencer management platform that specialises in branded content campaigns by connecting brands with influencers, in November 2017. Jaïs does not discount further mergers and acquisitions. “We’re the right player to consolidate many of the companies [in the space]” he said.