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Sunday, May 22, 2022

US & Finland-based platform raised $655K pre-seed from many business angels and a VC

GoalProfit, the company with its offices in Finland and US, has come up with the world’s first low code retail optimization platform and closed a remarkable amount in the pre-seed funding round. The round attracted many business angels including Ali Omar, Henry Nilert, Pekka Ylitalo, Stas Baranov, and a U.S-based VC YellowRockets. The company founded by ex-IBM executives raised 650 thousand dollars from the round and will use the funding for expanding the team in its engineering and sales departments.

GoalProfit announces $655,000 in funding for their low-code retail optimization platform that makes customized data analytics accessible to retailers. 

“Zero” backlog in data-intensive applications 

GoalProfit, a platform designed to empower retailers to build customized intelligence applications, announced the closing of a $655k pre-seed round. Founded by ex-IBM executives Maxim Morozov and Oleg Sidorkin, GoalProfit is on a mission to make big data solutions accessible to all retailers and help them to transform in the new post-COVID reality. 

GoalProfit’s offering is based on a proprietary data engine that allows enterprises to process billions of data points at blazingly fast speed and arrive at more profitable, intelligent  decisions. With GoalProfit, they help retailers craft and “data-drive” their merchandising  decisions: price, promo, markdowns, inventories, demand, customer analytics, and many  others.  

This pre-seed round is led by Business Angels – Ali Omar, Henry Nilert, Pekka Ylitalo, Stas  Baranov – and YellowRockets VC (San Francisco, US) early-stage venture fund that focuses on  robotics and automation. Since GoalProfit’s inception in early 2021, the company has released its platform and signed up several customers. 

GoalProfit, Oleg Sidorkin“We are on a mission to show that advanced big data solutions are accessible to all  businesses,” said Oleg Sidorkin, co-founder and CTO of GoalProfit. “Our solution is designed  to bring the benefits of customized tools previously only available to large corporations. It  gives any retailer the toolkit to explore their competitive advantage without the need for an  expensive internal IT team.”  

Retail bankruptcies in 2020 hit the highest levels in more than a decade, and experts say there are more to come. “There were dozens of retail bankruptcies in 2020, and experts say the pain isn’t over yet. S&P Global Market Intelligence tallied 49 bankruptcies in the retail space as of mid-November.”

Pricing is by far the most powerful tool for earnings improvement. The first implementation  of GoalProfit shows that data-driven pricing could improve gross margin by at least 4% while  maintaining in-store traffic. 

GoalProfit now offers a suite of intelligence applications for the retail industry. Price &  Markdown optimization solutions are based on a fast data platform with low-code interfaces  which could be customized for specific customer needs. API data integration can be  established in days, and users are onboard with almost no learning curve thanks to the  familiar XLS style interface. 

GoalProfit, Maxim Morozov“The $25 billion data and analytics software industry is an ideal starting point for GoalProfit.  I’ve watched retailers spend incredible amounts of money with no return on their investment  because of the slow and complex implementations,” says Maxim Morozov, who previously worked in IBM and Nielsen in Customer Success.” 

GoalProfit, Ali Omar“I was amazed how fast and how flexible, enterprise-grade software the team has built in  such a short time. The stars were aligned: the team has vast experience in the field, they have  deep domain expertise, they understand the pain point of retailers, and above all, the  technology is very powerful and easily customizable.” — says Ali Omar, GoalProfit lead  investor in this pre-seed funding round. 

GoalProfit, Yellowrockets, Valerie Bertele“AI/ML technologies penetration rate in retail shows double-digit growth rates. We expect  the same positive outlook for the next five years. The GoalProfit Platform is a high performance analytical system for dynamic analysis and commodity price forecasting.

Such solutions are becoming a key competitive factor for medium and large market players today.  The distinctive feature of GoalProfit is the low code solution, easy installation and  configuration, quick implementation, and unlimited performance.” — says Valerie Bertele, YellowRockets.VC Partner. 

The company has offices in Austin, US, and Helsinki, Finland, and will use the investment to  grow its engineering and sales teams in Europe and the US.  

About GoalProfit 

GoalProfit is a global SaaS provider of a low-code retail optimization platform empowering  retailers to build customized intelligence applications. GoalProfit is on a mission to make big data solutions accessible for all retailers and help them survive in a new post-COVID reality. Created by retail industry experts, GoalProfit’s SaaS solutions deliver a significant return on  investment with a truly tailored user experience. 

Click here to read more funding news.

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Jan Ameri
Jan Ameri
Entrepreneur-by-heart – and by actions since 1998. Being an expert in spotting new opportunities and creating new concepts, Jan has been a partner or co-founder in seven different companies in various industries. In the early 2000’s he was pioneering some of the very first WAP, SMS, and interactive TV based wireless games and fantasy sports games in the Nordic countries. Jan loves to watch Shark Tank and The Profit in his free time. And he is an FC Barcelona fan.

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