PricingHub, a French pricing solution provider, has raised 2 million euros. With the money, it wants to further develop its price optimization platform.
PricingHub already raised 1.8 million euros from French venture capital firm Elaia, business accelerator Lafayette Plug and Play and business angels last February. A recent refundable advance of 200,000 euros, granted by French investment bank Bpifrance, completes the investment.
Due to the outbreak of Covid-19, it seems that pricing has become even more important. Whether online or in-store, retailers need to regain their sales volumes and margins. This could be done by using multiple pricing strategies.
Founded in 2018
The pricing issue is something that PricingHub is dealing with. The startup from France was founded by Jerome Laurent, Guillaume Tujague and Xavier Casellato in 2018 and its solution is used by companies such as Fnac Darty in Europe and Allopneus.
Price sensitivity worsened during the lockdown
PricingHub analyzes customer data and measures the changes in customer price sensitivity by comparing it before and during the lockdown phase. “The finding is that price sensitivity is significantly worsened during the lockdown phase”, the company says.
PricingHub’s AI allows (online) retailers to quickly adjust their pricing policy so they can keep meeting their financial goals. “This is all the more important as for retailers, managing cash and stock levels is a key issue in the post-confinement phase.”
Managing cash and stock levels is key.