Photo: Team members of Algori 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 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.
Andrius Juozapaitis, CEO and co-founder of Algori, said:
“FMCG brands, retailers as well as media agencies have reported to us that a lack of high quality data is holding them back from making the right insight-driven decisions. These companies need data that is much more granular and fresh. Unfortunately, the consumer goods market research oligopoly has deterred the innovation required to get there. We are leveraging technology in a new way, rethinking the entire process to push the boundaries of FMCG data insights and significantly accelerate the data-driven decision making capabilities in the sector. Our ultimate goal is to help consumer goods companies get more distribution, more sales and execute their marketing strategies better.