At a Glance
MakerSights has raised $25M in a Series B funding round to rebuild the profitability and sustainability of the retail industry. It would also use the proceeds from the funding to support its key executive hires and global expansion aspirations
MakerSights, a software provider for retail brands, has raised $25 million in a Series B funding round led by G2 Venture Partners to support its global expansion plans, a press release from the company said.
The Series A funding for MakerSights came in June 2019, where it netted $8.5 million and before that, it bagged $3.1 million in 2017. The total funding raised by the company has now crossed $37 million. New and existing investors – Golub Capital, Gaingels, Forerunner Ventures and Baseline Ventures and many prominent retail technology executives, including Brett Hurt and Brant Barton, the founders of BazaarVoice, Jared Schrieber and Jon Brelig, the founders of InfoScout, and Elizabeth Spaulding, the CEO of Stitch Fix – participated in the funding round.
MakerSights, founded in 2015, empowers retail brands to deliver consumer-driven assortments to market, resulting in their profitable operations and a sustainable footprint. Dan Leahy, co-founder and CEO of MakerSights, stated that every year 40 percent of the products produced do not sell, causing billions in missed sales and a staggering environmental footprint for the retail industry that currently constitutes about 10 percent of the global CO2 emissions.
Stating that MakerSights believes in addressing the siloed and opinion-driven processes that bring assortments to market, as the biggest opportunity for brands to reduce their waste, Mr. Leahy added,
At MakerSights, we’ve spent the past six years collaborating with leading brands to evolve this process through streamlined workflows that drive consumer-informed decisions. Our brands have proven it’s possible to deliver assortments with higher profits and less waste. With the addition of G2 Venture Partners’ expertise in harnessing efficient business processes to deliver more sustainable outcomes, we’re eager to usher in a less wasteful era of retail.Dan Leahy, co-founder and CEO of MakerSights
Apart from expanding globally across San Francisco, Austin and London Locations, MakerSights would also use the proceeds to integrate its consumer analytics capabilities into the workflows of its brand partners to increase the frequency and ease of consumer-informed decisions.
Zach Barasz, partner at G2 Venture Partners, stated that the venture firm is committed to backing entrepreneurs creating new avenues to support environmentally responsible economic growth. He lauded MakerSights’ technology that leverages a modern approach to solving waste problems in retail.
Retail needs to embrace new ways of working, and we believe MakerSights brings a transformative yet scalable solution to brands across the retail ecosystem. Their proven approach of harnessing market demand signals to better inform large material and financial investments presents a clear path to dramatically reducing waste for this industryZach Barasz, partner at G2 Venture Partners