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"I am excited to share the news of our latest fundraising, it really highlights the contribution we have been able to bring to our customers and the industry to date," said Michael Jais, CEO of Launchmetrics. "As the leading marketing platform and analytics solution for the Fashion, Luxury and Cosmetics industries, I am confident this additional capital will help us accelerate our business across Asia, the Middle East and Europe as well as further invest in the development of cutting-edge data technologies that will transform the way marketing works for these industries in the future."
More than 1,000 brands and over 50,000 influencers in the Fashion, Luxury and Cosmetics space rely on Launchmetrics' tools every day to help them identify the most influential voices in the industry, activate those voices and measure the results of their marketing and communication campaigns. The funding will help the business further support their existing clients and focus on growing each one of those relationships.
The company is set for rapid team expansion with over 150 new hires slated in the next two years in marketing, sales, software development and data. Additionally, there will be focus on product development and innovation, with specific attention to internal research being conducted in their Data Lab which is developing visual recognition algorithms to automatically tag brands, products and people from images created or shared by influencers, allowing brands to analyze the media impact value created directly from this user created visual content across web and social media. The capital will also be used to scale existing territories including the US, UK and Europe with a strong focus on growing markets such as Germany, Asia and the Middle East with heavy investment in data and social monitoring in Asia.
"Over the years we have helped build many successful companies and pride ourselves on our ability to identify those with a lot of potential. We have been very impressed with Launchmetrics' innovative technology, category authority and growth dynamics," said Nicolas Herschtel, deputy managing director, Large Venture at Bpifrance. "They have a strong vision for the future of fashion & luxury technology and we look forward to being part of their journey as they become the worldwide leader in marketing solutions." (RR)
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