18.2 C
London
Saturday, October 1, 2022

Bainbridge Growth wants ecommerce brands to stop guessing sales • londonbusinessblog.com

Must read

PM Modi inaugurates India Mobile Congress, experiences 5G devices on display

Prime Minister Narendra Modic experienced several on Saturday 5G use cases here first hand, along with driving a car remotely and enjoying augmented reality/virtual...

How Hawaii reduced the number of girls in prison to zero

Hawaii reached the milestone of no more girls in its single juvenile detention center earlier this year — a first in state history, officials...

Firefly Aerospace reaches Earth orbit for the first time • londonbusinessblog.com

There is another space-proven private launch company in the club - Firefly Aerospace. The company's tiny Alpha rocket successfully reached Earth orbit on...

Web3 Banking Platform Juno Raises $18 Million, Launches Tokenized Loyalty Program • londonbusinessblog.com

Juno, a startup that offers checking accounts to crypto enthusiasts and allows them to take their paychecks in digital tokens, has landed another round...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Bainbridge Growtha Boston-based software startup that provides data, analytics, and financial modeling for ecommerce businesses has inked $4 million in seed funding.

Ben Tregoe and Austin Gardner-Smith started the company in January 2021 after meeting at Nanigans, an advertising automation software company.

Tregoe, CEO, told londonbusinessblog.com that while helping brands like Casper, Peloton and Warby Parker understand how to create more effective Facebook ads, they realized they were building big data systems and modeling revenue per customer. That got them thinking about what else they could do with the data.

“We started talking to a lot of founders and kept hearing the same thing – everyone was struggling with financial planning, forecasting and trying to figure out what their true lifetime value from customers was,” he added.

Bainbridge started with a financial model and added analytics to help the financial model make better assumptions and then a data system. The company collects data from places like Shopify, QuickBooks, and Google Analytics and gives each customer their own data warehouse, backed by managed data pipelines.

Bainbridge E-commerce sales growth

Bainbridge Growth’s ecommerce sales dashboard (Image Credit: Bainbridge Growth)

The company has also built a dashboard so customers such as Geology, Branch Furniture, and Mad Rabbit can track progress, show planned value, and then rate in real time.

Bainbridge targets customers who sell between $5 million and $100 million annually. and if e-commerce sales in the US continuing to climb toward $1 trillion in 2023, knowing where a brand stands will be even more important, Tregoe said.

“We help companies see their gross margins, their contribution margins and variable costs,” he said. “Now they can see why their fulfillment costs were so outrageous. For one customer, we saw that they were overcharged by their shipping partner. With that solution, they got $350,000 back in a quarter.”

The new investment closed on August 31 and was led by Las Olas and Vinyl VC with participation from Bling Capital and Industry Ventures. The company has now raised a total of $6.4 million, including an unannounced pre-seed round in March 2021 led by Bling Capital and Industry Ventures.

“The customer reference calls were the best I’d ever heard, which is why I wrote my biggest check yet,” said TJ Mahony, Founder and Partner at Vinyl VC, in a statement.

Tregoe says the company has six employees and plans to use the new funding to add to that in engineering, sales and marketing, and customer success.

And while Bainbridge is still in its early stages, he said the company has 18 customers and is “well on its way to $1 million in annual recurring revenue, which would be 10x year over year.”

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

PM Modi inaugurates India Mobile Congress, experiences 5G devices on display

Prime Minister Narendra Modic experienced several on Saturday 5G use cases here first hand, along with driving a car remotely and enjoying augmented reality/virtual...

How Hawaii reduced the number of girls in prison to zero

Hawaii reached the milestone of no more girls in its single juvenile detention center earlier this year — a first in state history, officials...

Firefly Aerospace reaches Earth orbit for the first time • londonbusinessblog.com

There is another space-proven private launch company in the club - Firefly Aerospace. The company's tiny Alpha rocket successfully reached Earth orbit on...

Web3 Banking Platform Juno Raises $18 Million, Launches Tokenized Loyalty Program • londonbusinessblog.com

Juno, a startup that offers checking accounts to crypto enthusiasts and allows them to take their paychecks in digital tokens, has landed another round...

How to watch Tesla’s 2022 AI Day event

We don't have many details on what will be announced, but based on the invite, we'll likely hear about the "latest advancements in artificial...