PALO ALTO — Eversight, a leading provider of software designed to improve promotion performance for consumer goods companies and retailers, has raised $14.5 million. Sutter Hill Ventures led the round, and was joined by previous investor Emergence Capital. The investment will support Eversight’s rapid expansion as it brings A/B testing, data science and machine learning to the $80B world of in-store promotions.
“Promotion effectiveness is one of the biggest challenges facing the world’s largest brands and retailers,” said Jim White, managing director, Sutter Hill Ventures. “We’ve had our eye on the space for a number of years, and Eversight is the first company we’ve seen with a breakthrough approach. By applying digital intelligence to in-store promotions they completely change the game.”
“In 2013, we saw Eversight had identified an opportunity to apply a focused cloud solution to a large, untapped market where enhanced intelligence would deliver immediate ROI to the customer. Today, the company has established clear product market fit and a great growth trajectory. We’re excited about Eversight’s future,” said Brian Jacobs, founder and general partner, Emergence Capital.
Since the introduction of its core platform, Eversight Cloud, in 2014, Eversight has served as a strategic partner to Anheuser-Busch InBev, BIC, Coca-Cola, Ferrero and Kimberly-Clark, among others. Its SaaS platform enables these brands and the retailers they sell through to digitally test, adapt, target and validate in-store promotions before they’re introduced at retail. On average, Eversight-generated promotions yield 20 to 50 percent greater returns than traditional promotions.
“About two-thirds of the $80B spent on promotional offers by consumer goods companies doesn’t break even because they largely rely on trial and error and little science. Today they’re getting no leverage from that spend, but it’s our mission to change that. With our latest round of investment from our partners we’ll be able to scale rapidly to meet more of the demand we’re seeing from retailers and consumer goods companies eager to take the guesswork out of one of their biggest spend line items,” said Jamie Rapperport, CEO and co-founder at Eversight.
Founded in 2013, Eversight has headquarters in Palo Alto.