Algori, a data insights startup for the consumer goods vertical reimagining the consumer panel has secured €3.3 million in funding. The seed investment was co-led by Shilling Capital and Change Ventures, and joined by Flashpoint VC. The round also featured several angel investors, including former Numerator Board Member and Infoscout CEO Jared Schrieber, who led Numerator to a $1.5 billion exit to Kantar. A number of Algori’s own employees also invested as part of the deal. The startup is currently active in Spain, where its consumer panel is four times the size of the country’s largest incumbent. Algori will direct its new funds toward scaling the business in Spain, expanding data science capabilities, and extending operations into new markets in Western Europe.
Today’s challenges of inflation, supply chain disruptions and rapidly evolving consumer preferences are putting enormous pressure on fast-moving consumer goods (FMCG) companies. Better data and insights could hold the key to overcoming these challenges. According to McKinsey, successful consumer goods companies are 3.5 times more likely to use granular data for accurate decision-making. However, data offered by incumbents lack granularity and speed. Point-of-Sale (POS) data providers exclude significant discounters, such as Lidl and Aldi, and are therefore unable to provide a complete picture of the retail market. In addition, they cannot report retailer-specific sales figures, producing aggregates only. On the other hand, traditional consumer panels lack adequate sample sizes to provide granular, accurate data on individual products. For instance, Spain’s largest incumbent consumer panel claims 12,000 households to represent a 47 million resident population.
Across Legal team was led by partner Ignacio Lacasa and lawyer Marc Pereta.
