Formulate bags €3.7 million for retail analytics push

Swedish startup Formulate, which specialises in AI-driven solutions for retail promotions, has closed a late-seed round of €3.7 million, led by henQ and also including Industrifonden and J12 Ventures.

The venture, whose customers include such Swedish retailers as Coop and Apoteket, will use the cash for international expansion and growing its team. In 2018, it secured a €1.2 million seed round, headed up by Industrifonden. Prior to that, it added just under €500,000 from a group of outside investors.

Andreas Willgert, CEO at Formulate, comments: “Right now, we are super focused on bringing our Retail DecisionCloud solution to the European market. Retail as an industry is changing, and leveraging data is at the core of that change. Retail analytics is a €3 billion industry, and it is rapidly growing. Our promotion analytics solution is tackling a classic retail problem with state-of-the-art technology, and the potential to create value is significant.”

”We believe that the market opportunity is huge and the problem that Formulate solves is really significant for the retail sector. I think in a couple of years’ time we’ll look back and say that the team at Formulate has initiated a gigantic change in how retail is executed,” says Coen van Duiven, Founding Partner at henQ.