Today marks a critical day for Rubikloud. We just announced the closing of a $7 million Series A round led by some very strategic and critical funding partners across the world. We’re thrilled to be working with such a great group of investors and entrepreneurs! I’m proud of our team for everything we have accomplished in the past 6 months to get us here. This funding will go a long way to helping us become a billion dollar data company.
In the past 18 months we’ve been able to go from three founders in my Toronto apartment to 13 employees. With this funding we will double our product and engineering efforts and focus on the growth of our customer base. Every dollar of this $7m will go towards our core product or creating customer value.
I want to use this blog post to talk about where I think retail is going. This is important for our next stage because Rubikloud has always been, and always will be 100% retail focused. We are building the world’s most robust retail intelligence platform. Here’s why we think the industry needs one:
In the future retail will be significantly more important to our everyday lives than it is now. We will have full control over what, when, and how we buy a product. Retail as an industry will continue to grow, but the number of players will keep shrinking. This means fewer brands and retailers will own a substantially larger piece of each market. We are already seeing this in Canada. Wal-Mart has just beaten Target. Amazon and Apple have beaten Sony stores.
We believe in order for a retailer to win in their segment or geography, they must understand everything about their customer across every channel. This fact at its core is a data problem. Right now retailers are heavily dependent on isolated systems for various channels of their data (mobile, e-commerce, physical brick and mortar POS, loyalty programs). Getting these data sources out and into a format where they can answer any strategic business questions is next to impossible. Additionally, retailers rely on costly and slow consultants to answer critical business questions that affect their customers. With all the modern advances in big data technologies, it doesn’t make sense for these slow business processes to continue. This is why retailers need a single data platform for all their data sources. This is why we are building our business.
With this round of funding and our core brilliant team in place, Rubikloud wants to be the data company to help those retailers, who want to help themselves.
Retail is getting more competitive and those who understand their data will have an exponential advantage over everyone else.