MINNEAPOLIS, June 27, 2024 /PRNewswire/ -- Pear Commerce,
the retail ecommerce enablement platform for omnichannel brands,
announced today that it has closed a $10
million Series A funding round. The round was led
by Stage 2 Capital, following exceptional 5x year-over-year
growth and Pear's role in powering the shoppable experiences for
five of the top 20 CPG companies. Additional participation in the
round includes Heartland Ventures, Homegrown Ventures, Dundee
Venture Capital, M25, and Daren
Cotter.
Modern consumers expect an omnichannel shopping experience that
bridges channels, platforms, and devices. Pear builds all of a
brand's digital paths to purchase from brand.com and brand media to
retail.com seamlessly. Pear's technology uniquely creates shoppable
experiences to over 3,000 retailers and 165,000 store
locations–updating inventory daily–creating frictionless paths to
purchase while capturing actionable insights on consumer
behavior.
Owning the digital paths to purchase enables brands to
understand the key drivers of performance and optimize their
marketing budgets around crucial events such as clicks, retailer
selections, and purchase confirmations. Plus, Pear integrates with
all major ad platforms so brands can build owned custom audiences
of these retail ecommerce shoppers, improving their return on ad
spend.
The funding follows Pear's most recent product launch, Pear
Connect—a shoppable ad unit that integrates where-to-buy technology
directly into the ad itself, bridging shoppers from CPG brands'
digital ads to retailer websites in a single click. Pear Connect
enhances existing social and display ad creative by dynamically
serving the in-stock product and retailer combinations most likely
to be selected, using Pear's daily inventory scanning technology
and the ad platforms' algorithms. Pear will continue to own the
digital paths from brand to retailer with the introduction of its
new recipe product, further solidifying its position on creating
seamless shoppability for brands.
"Our vision is to empower CPG brands with the same transparency
and efficiency that direct-to-consumer brands enjoy," said
Eric Martell, Co-founder of Pear
Commerce. "This funding will help us grow our team and enhance our
technology to provide exceptional support and insights for our
clients, ensuring that every marketing dollar is optimized for
maximum impact."
"Pear's technology is fundamentally changing the way CPG brands
engage with consumers, making it easier for them to meet their
customers wherever they prefer to shop," stated Alex Wyler, Co-founder of Pear Commerce. "With
this investment, we're excited to expand our product development
and provide more brands with the comprehensive data and insights
needed to drive meaningful growth."
The Series A funding round aligns with Pear's commitment to
continue innovating and expanding its platform, in order to meet
the evolving needs of CPG brands, retail partners, and their
customers. New initiatives and product launches are on the horizon,
poised to further enhance the retail ecommerce landscape.
"Pear Commerce is transforming how brands connect with consumers
in the retail ecommerce space," said Liz
Christo, Partner at Stage 2 Capital. "Their cutting-edge
technology and commitment to innovation are setting new benchmarks
for the industry. We are excited to support Pear's journey as they
expand and redefine how the market thinks about shoppable
media."
The Series A investment will accelerate Pear Commerce's mission
to make everything shoppable and unlock the direct-to-consumer
marketing playbook for CPG brands. The funding will be used for
product development, market expansion, and hiring, including the
addition of three key positions: Vice President of Sales, Vice
President of Engineering, and Head of Customer Success.
About Stage 2 Capital
The first go-to-market venture capital firm, Stage 2 Capital
combines capital and GTM execution expertise, leveraging its elite
LP base of 600+ senior executives from unicorns and Fortune 500
firms to help portfolio companies scale revenue and accelerate
growth. Co-founded in 2018 by Jay
Po, former investor at Bessemer Venture Partners, and
Mark Roberge, former Founding CRO at
HubSpot, Stage 2 Capital invests in B2B software companies between
seed and Series A.
For more information, visit: www.stage2.capital.
About Pear Commerce
Founded in 2018 by Eric Martell
and Alex Wyler, Pear Commerce
connects CPG brands to retailers, converting shoppable tools into
actionable insights that fuel performance marketing. Today, Pear's
comprehensive suite of shoppable products includes: Pear Connect,
Store Locators, Shoppable PDPs, Landing Pages, and Direct-to-Cart
Links.
Learn more at www.pearcommerce.com.
For media questions or inquiries, please contact Pear Commerce
at hellothere@pearcommerce.com.
For more information on Pear's open roles, please visit
www.pearcommerce.com/careers.
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SOURCE Pear Commerce