BOSTON, Dec. 13, 2022 /PRNewswire/ — ProfitWheel, the consumer intelligence SaaS platform that helps large enterprises unpack actionable insights on their first-party data, announced today the closing of their Pre-Series A round of $1.2 million through a safe note valued at $30M. This signifies a 700% increase in the company’s valuation in less than a year.
With cookies being phased out in 2024, and regulations like GDPR/CCPA already in effect, how brands access and use data is changing. Consumer Intelligence will require personalization at a segmented level rather than a personalized one. This impacts a brand’s ability to understand customers.
ProfitWheel has developed a solution that works in tandem with this changing landscape, preserving user privacy while retaining a brand’s ability to make targeted and accurate analyses from their first and third-party data. Investors are noticing and taking action to get ahead of the coming data crisis.
This latest round builds upon the $3 million seed round raised last year and highlights the importance of ProfitWheel’s market solution for a changing data landscape. ProfitWheel beat its internal estimates of product growth and revenue targets. ProfitWheel focuses on helping data-driven marketers bolster their consumer understanding journeys for better business decisions. The platform has already been used by some of the largest banking and finance players and brands in the world.
“We’re on a growth trajectory and the market environment is ripe to think aggressively,” says Gautam Mehra, Co-Founder and CEO of ProfitWheel. “It is a no-brainer that investing in consumer intelligence forges better understanding between brands and their audiences and propels growth and genuine engagement. Digital marketing is constantly disrupted by ever-changing systemic changes and privacy concerns – creating lesser audience transparency. ProfitWheel was established to empower marketers with more intelligence to help them navigate these changes and have better consumer understanding to steer their businesses.
The additional funding will further its conquests in the US and other global markets, allow strategic hires in sales and customer success and bolster its products for new use cases in consumer intelligence.
Investors in this round include:
- Ashutosh Garg, CEO and Co-Founder, Eightfold AI
- Amit Singhal, former SVP at Google Inc. and Head of Google Search
- Nigel Morris, Director Admix and former Chief Strategy and Innovation Officer and CEO Americas and EMEA of Dentsu International
The round also saw additional investments from existing seed round investors like Netcore Cloud, a leading acquisition, engagement and retention company.
ProfitWheel was co-founded by Vivek Bhargava, serial entrepreneur and former CEO of Dentsu’s Performance Group in India, Nielsen’s Aman Khanna along with Gautam Mehra who led and built Dentsu’s data sciences and programmatic arms.
Nigel Morris, Chair of The Upside and Investis Digital, Director at Landvault and former CEO Dentsu Americas and EMEA, said, “All the changes in the advertising market are creating real disruption to demand generation for brands. The good news is the opportunity for brands to lean into modern technologies that can finally use their first-party data to deliver privacy-safe and real-time customer experiences to the audiences they want to reach. ProfitWheel helps brands and businesses transform growth opportunities from product and geographic priorities to creative strategy and media targeting. All within a system that protects the privacy of consumers and the values of brands.”
Rajesh Jain, Founder of Netcore Cloud, said, “Indian SaaS companies are creating a paradigm shift in terms of delivering world-class solutions at better than competitive standards and helping enterprise clients navigate through complex challenges. Fundamentals matter now more than ever and delivering frictionless solutions to empower democratization of intelligence has never been more important.”
ProfitWheel is a consumer intelligence SaaS platform, on a mission to be the home of consumer Intelligence. It’s building a platform that brings brands, people and their consumers together. Its flagship consumer intelligence engine is subscribed to by some of the largest advertisers in the world including Fortune 100 companies and some of the largest brands in e-commerce, consumer electronics and banking and finance globally. www.profitwheel.com
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