Today we’re excited to announce that Eversight has secured $14.5 million in new investment led by Sutter Hill Ventures, joined by previous investor Emergence Capital. This funding is both recognition of the great progress we’ve made and testament to the huge opportunity before us to revolutionize the way companies design and deploy promotions.
Talking with potential investors through the fundraising process was interesting. We got a great reception and had some fantastic discussions. A few themes came up consistently.
One was the size of the problem we’re tackling. Consumer packaged goods companies spend $80B each year in the United States alone on promotions, making it the biggest expense after COGS (3X advertising!).
A second theme was excitement around the way we’re using digital assets to inform brick and mortar decision making. Our approach enables customers to gain deep consumer insight incredibly quickly – something that is essential to promotion success but hasn’t previously been available to brick and mortar retailers and the brands that sell through them.
A third theme was the positive response we’ve had from customers. We’re experiencing very rapid growth and working with some of the most recognized names in consumer goods.
We feel great about the end result of the fundraising. Sutter Hill has a stellar reputation, we’re proud to be adding Jim White to our board, and the investment round gives us the funds to continue investing in the business and driving rapid growth.
Read more in our press release.