San Francisco, CA – August 16, 2022 – Vividly (formerly Cresicor), the leading modern trade promotion management solution (TPM), today announced its $18M Series A financing round led by 645 Ventures and Vertex Ventures US with participation from existing investors Costanoa Partners and Torch Capital. Industry veterans Green Spoon Sales participated in the round as well. Vividly has raised $23M to date and will use the new funding to accelerate product development, scale its go-to-market team, and continue to empower brands to take control of their trade promotions - the second-largest cost behind manufacturing for these brands. As part of the investment, 645 Ventures Managing Partner Nnamdi Okike will join its board.
The 2.1 trillion consumer packaged goods industry spends at least 20% of their revenue on trade promotion management (TPM). Vividly provides cloud-based software and data analytics that enables CPG companies to manage all aspects of TPM including campaign creation and execution, promotion planning, budgeting, and forecasting.. Vividly customers saw 90% reduction in time required to complete TPM processes and greater than 20% improvement in planning accuracy.
Since announcing its seed round in September 2021, Vividly has been expanding rapidly, doubling its number of customers and growing revenue by over 4x. It’s added high-growth CPG brands like Liquid Death, Bulletproof, and Quinn’s, to its customer roster which already includes Hint, Oatly and Vital Farms.
“The more we grow, the more we need a means of efficiently and effectively planning, tracking and analyzing our promotion activity,” said Lucy Tong, Director of Finance, Simple Mills. “Vividly offers a strong toolset that streamlines the process, helps us stretch every dollar as far as it will go, and gives us the firm control we need over trade spend.”
“Given supply chain turmoil and the changing economic environment, getting the most from every dollar spent is of utmost importance for brands right now,” said Alexander Whatley, CEO and co-founder of Vividly, “We’ve added numerous new product modules to make Vividly even more valuable to brands and are very excited to use our new funding to continue to bring new brands onto our platform, and to build Vividly out into the operating system for CPG companies.”
“Vividly is a home run, there is no way to stay on top of trade without them and they are a critical piece of our 2021 and 2022 growth,” added Josh Reed, VP of Sales, Lesser Evil.
“We were very impressed with Alex’s vision and the Vividly team’s ability to execute rapidly on that vision,” said Nnamdi Okike, Managing Partner and Co-Founder at 645 Ventures. “Trade promotion is one of the largest spend areas for CPG companies, but desperately lacks sufficient measurement and ROI data. Vividly has made fantastic inroads to help CPG companies generate high ROI on their trade spend, evidenced by the loyal and growing customer base they’ve built, and we’re incredibly excited about where the company is headed.”
John Cowgill, Partner at Costanoa Ventures, a continued investor in Vividly said, “It has been incredible to see the tremendous growth at Vividly over the past year. Much of their current growth has been fueled through word of mouth and a small sales team, meaning there are many exciting avenues for growth as they continue to scale. We’re just beginning to see Vividly really take advantage of the massive market opportunity in front of it.”
Vividly is hiring for several roles across engineering, product, sales, marketing, and more. Visit Vividly for more information.
Vividly is the leading modern trade promotion management (TPM) solution built by and for the consumer packaged goods industry. From campaign creation to deductions management and promotion measurement, we help brands manage every element of trade spend. With our easy-to-use platform and industry-leading experience, we pride ourselves on our ability to bring businesses to the next level. Visit govividly.com to learn more.
About 645 Ventures
645 Ventures is an early-stage venture capital firm that partners with exceptional founders who are building iconic companies. We invest at the Seed and Series A stages and leverage our Voyager software platform to enable our Success team and Connected Network to help founders scale to the growth stage. Select companies that have reached the growth stage include Iterable, Goldbelly, Resident, Eden Health, FiscalNote, and Squire. 645 Ventures has $200m+ in AUM across 3 funds, and is growing fast with backing from leading institutional investors, including university endowments, funds of funds, and pension funds. The firm has offices in New York and SF, and you can learn more at www.645ventures.com.
About Vertex Ventures US
Vertex US is an early-stage venture capital firm that backs technology companies transforming industries through software and data. With early and high-conviction in companies such as LaunchDarkly, Hasura,and Evisort, Vertex US brings pioneering experience to pioneering enterprises.
Founded in 2015 by In Sik Rhee and Jonathan Heiliger Vertex Ventures is headquartered in Palo Alto and has partnered with founders around the world. For more information and to learn more about our portfolio companies, visit www.vertexventures.com or on Twitter at @vertexventures.