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.”
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)