Porto-based InovRetail secures funding to become a global data analytics reference for retailers

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The Portuguese startup InovRetail just secured an investment from Sonae IM, Sonae’s corporate Venture Capital firm. The goal of the Porto-based company is to become a global data analytics reference for retailers.

InovRetail was founded in 2010. Its core business is focused on advanced analytics tools, aiming to assist retailers in improving their performance, by making more informed decisions.

InovRetail’s solutions allow retailers to adjust their offer and increase sales by processing their data, as well as in making highly reliable predictions. Moreover, these tools create opportunities for retailers to improve their customers’ in-store experience. Over 500 reference retailers’ stores have already implemented InovRetail solutions, in diverse segments such as sports, consumer electronics, fashion, food, among others.

Sonae IM aims to help InovRetail’s become a global player in its field. The immediate steps include accelerating growth in existing markets, as well as penetrating new ones, through the investment in building up the team, improving their SaaS platform and reinforcing R&D.

Marco Soares, InovRetail co-founder, stated: “We are very excited about this new phase at InovRetail and on having Sonae IM as a reference shareholder. We believe we have found the best partner for the challenges ahead”. André Sousa, InovRetail co-founder believes that “with Sonae IM as a strategic partner, we have everything to reach our goals of becoming a reference and global player in predictive analytics solutions for retailers.”

Eduardo Piedade, Sonae IM executive board member, highlighted that “We believe in the underlying potential of InovRetail in becoming a global player, and we will help to accelerate the company’s growth. This investment approach is aligned with Sonae IM’s strategy – to invest in teams and companies with great global growth potential, with distinctive technologies for the retail vertical”.