Le LÚzard
Classified in: Science and technology
Subject: Funding

Poised to Transform the Consumer Packaged Goods Industry, Cresicor Raises $5.6 Million in Seed Funding


Cresicor, a consumer packaged goods (CPG) trade promotion management (TPM) platform startup, today announced they have raised $5.6 Million in seed funding led by Costanoa Ventures with participation from Torch Capital.

Trade promotions are the second largest spending cost that many companies incur, only behind manufacturing; companies often reinvest up to 20% of their revenue on them. Currently, TPM is often done manually ? both inefficient and expensive ? typically in Excel or Google Sheets. With CPG sales topping $720 billion dollars in just the United States in 2020, it is truly an untapped growth market.

"Simply put, the CPG industry is antiquated, filled with fragmented and inefficient processes, making it ripe for disruption," stated Alexander Whatley, CEO of Cresicor. "Cresicor aims to first provide a solution to trade management for consumer brands, one of the most glaring and painful problems these brands face today."

Cresicor is building a modern, user-friendly platform to manage a company's trade promotions. Specifically, Cresicor enables customers to:

"Cresicor completely re-shaped how we organize, track, and understand trade spend," Rich Clark, Former VP of Sales at Perfect Snacks continued. "We needed a tool that could take our business to the next level, and Cresicor delivered."

Boasting an impressive 140% revenue retention rate, Cresicor's solutions provide an 80-90% reduction in labor for managing trade promotions. In addition, Cresicor has helped customers dispute hundreds of thousands of dollars in invalid invoices. For brands over 100MM, it has provided ROI savings of millions of dollars through improved efficiency, increased accuracy of planning, and identification of disputable expenses.

"Cresicor is enabling the next generation of great CPG brands to compete and win in trade promotion," stated John Cowgill, Partner at Costanoa Ventures. "We're proud to back a great team and product that, still in seed stage, is already working with awesome brands like Perfect Snacks, Hint Water, Oatly, and dozens of other household names."

Cresicor was founded in 2017 by engineers from Harvard and MIT, and CPG veterans with over 10 years of industry experience and over $1B in exits under their belt. This round of funding will be used to accelerate growth of the team and its product, sales, and software development.

About Cresicor

Cresicor is a trade promotion management (TPM) software built by and for the consumer-packaged-goods industry (CPG). From campaign creation to deductions management and promotion measurement, Cresicor helps brands manage every element of trade spend. Cresicor is designed to fit the quintessential business model of small to midsize CPG companies. With an easy-to-use platform and industry-leading experience, Cresicor prides itself on its ability to bring businesses to the next level. Learn More


These press releases may also interest you

at 05:30
The "Bangladesh Buy Now Pay Later 2021" report has been added to ResearchAndMarkets.com's offering. According to the Q2 2021 BNPL Survey, BNPL payment in the country is expected to grow by 71.5% on annual basis to reach US$ 222.4 million in 2021....

at 05:15
EQONEX, the crypto exchange of Nasdaq-listed Eqonex Limited ,átoday announces it has listed the Polkadot (DOT) token on its platform. The Polkadot network is a "game changing" viable alternative to Ethereum according to research published...

at 05:12
Elbit Systems ("the Company") announced today that it willácommence a project to establish power generation and energy storage units atáseveral of the Company's facilities in Israel. As part of this project, Elbit Systems will increase the volume of...

at 05:10
ReImagine Science will host its second TEDxReImagineScience event, as part of TED Countdown, on November 6th, 2021. ReImagine Science is proud to continue its role facilitating public conversation about the next era of science. Countdown, launched...

at 05:05
The global data center substation marketásize is expected to reach USD 14.80 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030, according to a study conducted by Grand View Research, Inc. Data centers are a vital part of the IT...

at 05:01
MONEY 20/20 USAá-- Nium, a leader in global payments and card issuance for businesses, today launched the fintech industry's first global Crypto-as-a-Service (CaaS)ásolution and announced the extension of its Banking-as-a-Service (BaaS) solution to...



News published on 13 september 2021 at 09:10 and distributed by: