Algori raises €3.3 million as it aims to modernise FMCG market research across Europe

Algori, a data insights startup for the consumer goods vertical, has secured €3.3 million in funding.

The seed investment was co-led by Shilling Capital and Change Ventures, and joined by Flashpoint VC.

The round also featured several angel investors, including former Numerator board member and Infoscout CEO Jared Schrieber, who led Numerator to a $1.5 billion exit to Kantar.

It takes Algori’s total funding to €4.3 million.

A number of Algori’s own employees also invested as part of the deal. The firm is currently active in Spain.

It will direct its new funds toward scaling the business in Spain, expanding data science capabilities, and extending operations into new markets in Western Europe.

It says that it overcomes limitations of traditional consumer panels by leveraging data science, machine learning and its own consumer app, which rewards money to users in exchange for providing their shopping data.

Founded in 2019, the Madrid-based company has amassed 50,000 weekly shoppers, allowing it to capture 1 in 400 grocery receipts in Spain.

Thanks to its AI enhanced data organisation capabilities, it identifies the shopping basket items on the product level without the need of any retailer sales system integrations.

The basket data is further enriched with shopper demographics, psychographics, past purchase history, store locations, and other data points. This data is then integrated into a platform providing stock keeping unit (SKU) level insights. The entire process unfolds in near real-time.

Andrius Juozapaitis, CEO and Co-founder at Algori, says: “FMCG brands, retailers as well as media agencies have reported to us that a lack of high quality data is holding them back from making the right insight-driven decisions. These companies need data that is much more granular and fresh.”

“Unfortunately, the consumer goods market research oligopoly has deterred the innovation required to get there. We are leveraging technology in a new way, rethinking the entire process to push the boundaries of FMCG data insights and significantly accelerate the data-driven decision making capabilities in the sector.

“Our ultimate goal is to help consumer goods companies get more distribution, more sales and execute their marketing strategies better.”

Ricardo Jacinto, Partner at Shilling Capital, comments: “Algori has identified an unmet market research need and an opportunity to radically improve the way FMCG brands use consumer data in an industry worth more than €1 trillion in Europe alone.”

“The team is abundant with industry veterans possessing deep expertise, exceptional for a startup at this stage. Their product has surpassed competitors in terms of methodology and utility. It is future-proof and unchallenged by AI. We believe Algori can usher in a new era of FMCG market research.”

Jared Schrieber, exited Co-founder, Numerator, says: “Algori's SKU-level insights are game-changing and long awaited by the FMCG industry. Some of its capabilities greatly exceed comparable incumbent consumer goods analytics offerings.”

“These order of magnitude improvements in speed and granularity of data insights will allow brands to gain a new level of understanding about the ever-changing consumer behaviour and preferences.”

“Consumer goods companies making use of Algori’s data first stand to gain a significant performance advantage.”