Advise funding news – Dublin-based Advise has Raised €1.55 Million in Funding
Jan 10, 2025 | By Kailee Rainse
Advise, a startup in Dublin that uses data analytics and AI to help fast-moving consumer goods (FMCG) manufacturers, has raised €1.55 million to improve its AI-powered platform for better pricing strategies.
SUMMARY
- Advise, a startup in Dublin that uses data analytics and AI to help fast-moving consumer goods (FMCG) manufacturers, has raised €1.55 million to improve its AI-powered platform for better pricing strategies.
- Founded in 2016 by Dr. Kevin McCarthy and John Phelan, Advise has created an AI-powered SaaS platform that combines sales, inventory, and customer data.
The company, known as RecommenderX, plans to grow its team and expand its market after a year of 250% revenue growth.
This funding round was led by Business Venture Partners (BVP) with support from other investors, such as ACT Venture Capital, Elkstone, Enterprise Ireland, and private investors.
Read also - VitVio funding news – London-based VitVio has Secured €1.8 Million in Pre-Seed Funding
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Advise aims to double its staff to 30 employees in the next 12 to 18 months, focusing on engineering, data science, and commercial roles in Ireland, the UK, and the US. This growth is in response to the increasing demand for data-driven solutions that help manufacturers improve pricing strategies and work better with retailers.
Dr Kevin McCarthy, CEO and co-founder, Advise, said: “For decades, retailers have been leveraging their data to determine product pricing strategies, while manufacturers have lacked the insights to have any meaningful influence. With pressure on retailers to consistently drive down consumer costs – especially now amidst the ongoing cost-of-living crisis – this can leave manufacturers with no bargaining chips and very low margins. […] Our easy-to-use AI platform democratises and simplifies the data analytics process and will drive greater competition in retail. It addresses a previously unmet need, and the new funding reflects a market confidence in this solution. The investment, and our partnerships with our investors, will be critical in bringing Advise to the next stage of our journey.”
Advise says that the FMCG sector has grown steadily, despite challenges from Brexit, COVID-19, and global instability, thanks to digital changes.
Advise’s technology helps manufacturers improve their data analysis, giving them tools to negotiate better in a market focused on keeping prices affordable for consumers.
Andrew McGreal, Investment Director, Business Venture Partners (BVP), said: “Retailers and their manufacturers operate in a traditional industry, but with a very complex data ecosystem. Historically, this combination made data analytics and the ability to unearth actionable insights at pace a challenge. The Advise platform built specifically for this purpose and industry, enables better decisions and lightning speed to reveal real insights at a low cost of ownership. It’s a game changer for the industry. We have been hugely impressed by the team in Advise and what they have built so far and are thrilled to be supporting their plans for expansion.”
As Advise grows, it plans to strengthen its engineering and data science teams while focusing more on sales and marketing. With new hires in sales, engineering, and data science, the startup is ready to meet the rising demand for advanced analytics in the FMCG sector.
About Advise
Founded in 2016 by Dr. Kevin McCarthy and John Phelan, Advise has created an AI-powered SaaS platform that combines sales, inventory, and customer data. By bringing together different data sources, the platform helps manufacturers improve market share and pricing strategies. Clients like Pilgrims Europe, Dr. Oetker (Ireland), and Britvic use the platform to track performance, compare product success across retailers, and improve their promotions.