Congratulations to Profitero!!!

Date: 18/11/11

In one week, Profitero, a high performance start-up company based in the Media Cube, IADT has raised a €750,000 in a funding round led by the Bank of Ireland Start-up and Emerging Sectors Equity Fund, managed by Delta Partners, and Enterprise Ireland and has also won the 2011 IBM Smartcamp Competition!

Profitero has developed a pricing service to simplify the complex and time-consuming process of monitoring competitors’ products online, which enables retailers to be more efficient and effective with their pricing strategy. The Profitero pricing platform reduces the manual effort involved in collecting and assessing pricing information, helping retailers to increase sales and profit margins.

Retailers use the software to monitor online prices, stock availability, shipping costs and benchmark product prices against their competitors; retailers can also duplicate the online prices in stores. With more and more retailers moving online, the company is also replacing the need for in-store price checks, which are done by offline retailers, with its robust, efficient online price collection model. They also plan to expand to the US market.

Currently monitoring 27.5 million products across 2,500 retail websites, the company hopes to grow this number to 100 million by June 2012. Profitero customers include, among others, market research group Nielsen and leading retailers such as Tesco Direct and Worten.

Profitero was established in 2010; its co-founders Volodymyr Pigrukh, Dmitry Vysotski and Kanstantsin Chernysh built up their expertise in scalable technologies and enterprise sales while working at Google, IBM and Microsoft in Dublin.

A winner in the Seedcamp 2010 competition, and finalist of Dublin WebSummit 2010, Profitero also claimed the Irish Innovation Cubed award, which was run by Media Cube, IADT which provided them with one year of free office space in Media Cube, a campus-based digital media incubation centre in Dublin, Ireland.

Delta Partners is a venture capital firm investing primarily in Ireland and the United Kingdom. It has €250 million under management. Delta is among the most active early-stage investors in Europe, with a strong focus on investing in early stage technology companies. Enterprise Ireland works with entrepreneurs and business managers across the full business development cycle; its priority is to grow export sales from Irish-owned companies. UK-based start-up venture fund Seedcamp and serial entrepreneur and angel investor Simon Murdoch, former vice president of Amazon.co.uk and now venture partner of UK-based Octopus Ventures, are also equity investors in the company.