Investors Bet $8.5M On Dynamic Pricing StartUp
Boomerang Commerce has announced it has raised $8.5 million in a Series A round led by Madrona Venture Group and Trinity Ventures. Since Boomerang never took in any seed money, this round of investment is actually also the first time it has ever received an outside cash infusion.
Boomerang helps e-retailers dynamically price by comparing what they are charging with competitors rates as well as helping them optimize what they charge customers based on their overall corporate goals (volume, profit, revenue, etc).
The new money will go toward expanding its engineering and marketing efforts, as well as building new retail apps. Since the company’s CEO Guru Hariharan is also the company’s main sales person, there will perhaps be efforts at increased staffing as well.
Hariharan reports good early word of mouth reports from merchant clients such as Staples and Sears. The Sears project is a pilot which will launch next year, which is working on a pilot project with the company.
Hariharan is not yet ready to update future plans yet, reportsTechCrunch, but noted that the team was looking to Game Theory in its approach to pricing to give users more flexibility in optimizing.
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