Channel Intelligence gets $15 million in a new investment
Internet Capital Group Inc. has invested $15 million for a 40% interest in Channel Intelligence, which provides technology that allows retailers to feed product information to comparison-shopping and other retail product aggregator sites and manufacturers to provide product information to online retailers.
“This financing will allow us to drive forward our strategy for innovation in the e-commerce marketplace to help retailers leverage profitable web strategies through our SellCast product, enable manufacturers to streamline and improve their consumers’ product experiences through SellPath and allow shopping sites to provide their customers the most accurate, organized and up-to-date product information with SellCore,” says Rob Wight, CEO and co-founder of Channel Intelligence.
ICG’s investment was in the form of Series F Preferred Stock. ICG will hold two of five Channel Intelligence board seats.
Internet Capital Group, founded in 1996, owns and builds Internet software companies.
Channel Intelligence’s patented optimization technology and data systems manage and syndicate over $3 billion in product value to over 50 destinations every day. Customers include Best Buy, Baby Universe, Black & Decker, Canon, Circuit City, Electronic Arts, eToys Direct, Fujifilm, HP Home and Home Office, ICE.com, Idea Forest (Joann.com), LG Electronics, Northern Tool + Equipment, Neiman Marcus Group, Olympus, Panasonic, PC Mall, PETCO, Smart Bargains, Target, The Inside Store and Things Remembered.
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