Shopper analytics firm Euclid has secured $17.3 million in Series B funding led by Benchmark Capital.
The latest round brings the total amount raised to more than $23.6 million. Other investors include New Enterprise Associates, Harrison Metal, Novel TMT Ventures and angel investor Michael Calbert, head of the retail industry team at private equity firm KKR.
Will Smith, cofounder and chief executive officer of Euclid, said the firm, founded three years ago, received a seed round of $500,000 from Calbert. That was followed by a Series A round in which the firm raised $5.8 million.
Euclid said it will use the funding from the latest round to expand the engineering team and add enhancements to its analytics platform.
The platform allows brick- and-mortar retailers to measure retail performance, using data captured from an existing Wi-Fi infrastructure or Euclid’s plug-and-play sensors. Euclid is to the physical retail world what Google Analytics is to the online channel. Euclid’s clients include the top 100 retailers in the specialty apparel and department store channels, and the platform measures more than 50 million mobile devices, according to the company.
Patrick Chung, who coheads NEA’s seed-stage investing group, explained that his firm has $13 billion under management and $2.5 billion in its current fund. He emphasized that his firm can only invest in startups that have the potential for a huge return on the investment. In the case of Euclid, Chung said, “Brick and mortar has not changed since the beginning of time. On the Internet, you can tell how long before a user will return to the site and how much [he/she] will like a similar site. In retail brick and mortar [operations], they have no clue whatsoever.”
According to Chung, Euclid’s platform allows physical storefronts to understand quickly how often there are repeat visits, how long consumers stay in the stores and what is the conversion rate to get them back into the stores.
Smith, whose grandfather founded the International Council of Shopping Centers, said, “Great retail experiences [require] a deep understanding of what’s happening inside your stores. Euclid’s real-world insights help retailers identify the most effective ways to attract and engage shoppers.”
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast