Quri, a San Francisco-based retail intelligence startup, has raised $10 million in a Series B round led by Matrix Partners. The new funding follows $4.28 million previously raised and will help the startup meet growing demand for in-store analytics, the company said.
Launched last year, Quri gives brands a window into how their products are promoted and displayed in-store. According to the startup, retail brands spend more than $600 billion each year on in-store promotions, merchandising and marketing, but lose billions of dollars in potential sales from out-of-stock items and poorly executed displays.
Through a consumer-facing app, called EasyShift, Quri turns shoppers into stealth researchers. As they shop, users complete simple “shifts” involving tasks like checking prices, taking pictures of displays or seeing if a product is in stock. Once they complete the task, consumers get paid for their time within 48 hours.
The company says half of the world’s top 25 CPG (consumer packaged goods) brands use Quri’s consumer-generated analytics.
In addition to Matrix Partners, current investors Catamount Ventures and Simon Equity Partners participated in the Series B round.