Optimus Price, the Spanish solution for price optimization, has just picked up €1 million to scale its operations across Europe. The fresh capital comes from private investors, including Zone2boost, Wayra and business angels. In addition, nearly 500 micro-investors took part via a crowdfunding campaign on Crowdcube – far exceeding the initial goal.
Based in Barcelona, Optimus price offers a SaaS solution that uses AI to improve sales performance – in both the ecommerce and physical store space. Through using AI, it ensures that each product always has the optimal price based on demand and market.
In 2020, the demand for pricing software soared. At this point many businesses still set prices ad-hoc, impacting competitive capacity. With increased movements to digitalisation across sectors, price optimisation has become seen as an important feature for the future. Founded in 2017, Optimus Price’s unique tech allows matching price elasticity with demand and competitors to improve sales effortlessly and in an automated way.
The young company has seen impressive growth in recent months, stating that its MRR has increased by 1,800%! In addition, big clients such as Nestlé, Risi or SGS have been added to the portfolio, with partners such as Seidor and a presence on eBay as well as having the support of Wayra, Telefónica’s open innovation hub.
Carlos Fenollosa, CEO of Optimus Price, commented: “We are very grateful to our investors for sharing our vision and seeing the potential of our platform and the pricing market. We are glad to see the interest that our commercial traction has generated.”
The investment will be used to scale operations in Europe, integrate the platform in new channels, and develop new artificial intelligence algorithms to optimize prices and demand for new sectors and products.