Fumbi Chima is Burberry’s newest chief information officer and will report to chief operating officer John Smith.
The company enables online retailers to track prices offered by competitors.
BlackLocus, which sells comparative-pricing services to online retailers, said today it has raised $2.5 million in venture capital, the company’s first funding round. DFJ Mercury and Silverton Partners, investment funds based in Texas, lead the funding round, which also included Pittsburgh-based Innovation Works. BlackLocus is based in both Texas and Pennsylvania.
Technology from BlackLocus automatically keeps tracks of prices for specific products sold by clients’ competitors. The data, downloaded onto spreadsheets and sent to clients via alerts, allows retailers to quickly set new prices based on what competitors are charging and what the BlackLocus technology recommends, the vendor says.
"Consumers are more sophisticated and pricing is more transparent than ever before, especially online," says Morgan Flager, a partner at Silverton Partners. "BlackLocus helps retailers to succeed in this environment by allowing them to rapidly respond to their competitive environment and better understand how pricing effects conversion."
BlackLocus launched in January and says it mainly serves small and medium-sized retailers. BlackLocus did not say how it would use the funding.