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.”