Algorithmic commerce startup Feedvisor is growing quickly, now managing more than $2 billion in goods sold through marketplaces like Amazon and eBay. To fuel that growth, the company has raised an additional $20 million in Series B funding led by General Catalyst.
The Feedvisor platform uses machine learning to track different market dynamics and optimize the amount of money sellers can make with its dynamic pricing algorithm. At the same time, it also ensures that sellers optimally replenish their inventory.
Founded in Israel, with offices also in New York City and Seattle, the company has raised new funding led by General Catalyst. Along with the financing, GC managing director Larry Bohn is joining the company’s board.
Bohn and GC have made a number of investments in e-commerce and business intelligence startups like Demandware, Bigcommerce, Hubspot, and GoodData, giving him some expertise in how things are bought and sold online.
“Amazon has changed everything, from the way products are manufactured to the way they’re distributed,” Bohn said.
With the expansion of Amazon’s marketplace model and the requirements sellers need to abide by to have their good fulfilled by the online retailer, Bohn points out that sellers need better tools not just for pricing, but for managing inventory and replenishment.
According to Feedvisor CEO Victor Rosenman, the company has been adopted by sellers across a number of verticals. The typical Feedvisor customer is doing at least $1 million in gross merchandise volume (GMV), and the company hopes to attract even larger clients over time.
To pursue that goal, the company plans to double its workforce and heavily expand its New York City office. “It’s very important for us to establish a larger presence in New York,” Bohn said. “It’s the center of commerce and a large group of our customers are there.”
This latest round brings the total amount raised to $33 million, with previous investors that include Square Peg Capital, JAL Ventures, Oryzn Capital and Micro Angel Fund.