Pricefx scores additional $25.3 million to grow its cloud pricing software as it eyes U.S. expansion
PriceFx, a Munich, Germany-based SaaS pricing software startup announced today it has raised additional $25.3 million (€23 million) in Series B funding to expand the company’s award-winning pricing platform and engage in strategic M&A projects. The round, which brings the total funding to €48 million, was led by Digital+ Partners, a leading European B2B technology growth investor, and Bain & Company, one of the world’s top management consulting firms. Series A investor Talis Capital also participated in phase II.
Founded in 2011 by Christian Tratz, Marcin Cichon, and Martin Wricke, Pricefx offers a complete pricing platform with modules for Price Analysis, Quoting (CPQ), List Price Management, Rebate Management, Promotion Management, and Price Optimization. The platform can be integrated seamlessly into all leading CRM solutions as well as connect with ERP, POS and other systems. PriceFX delivers a complete price optimization and management platform based on native cloud architecture, providing industry leading time to value and total cost of ownership advantages to customers.
Pricefx develops a SaaS-based platform that offers price strategy, controlling, optimization, setting and realization solutions for businesses. As of August 2019, the startup has a revenue of over $25M, and 256 employees. Pricefx has received funding from investors such as Digital+ Partners, Bain & Company, and Talis Capital. Pricefx’s main competitors are Vendavo, Zilliant and Apttus.Its competitors include ChikPea, Vistaar, CloudSense, Determine, Vendavo, Zuora, Zilliant, Revionics, Apttus and PROS. Together they have raised over $1.3 billion.
“This new funding will allow us to further expand our platform capabilities, add new functionality and introduce several new, game-changing products to the market in 2020,” said Marcin Cichon, CEO and co-founder of Pricefx. “We anticipate continued global expansion through both organic and partner-enabled growth, as well as strategic projects. Our investors are excited about our path forward, and this subsequent investment helps to secure their positions ahead of our further expansion.”
Pricefx provides a modular SaaS solution for Price Optimization, Management (PO&M) and Configure-Price-Quote (CPQ) for enterprises of any size, based on the latest in native cloud architecture. Gartner’s Market Guide for B2B Price Optimization and Management Software for 2019 states that it expects “the PO&M market to continue to grow rapidly during the next three years” and that “PO&M software has a rapid payback on investment (often less than six months).”
“We are experiencing great momentum, particularly in the United States. This funding allows us to more than double our investment in sales and marketing in 2020,” said Tom Fencl, CFO of Pricefx. “As we grow, we are also beginning to look at potential acquisitions to expand our functional footprint in the area of optimization and artificial intelligence as well as offer higher value to our customers through specialized industry knowhow and expertise.”
“Pricefx has become the leading SaaS pricing solution provider on the market through its customer centric approach and by offering a feature-rich, highly flexible pricing tool that is also risk free and fast to implement,” said Axel Krieger, Founding Partner at Digital+ Partners. “This new funding will allow Pricefx to keep expanding its world-class product, further professionalize its relentless customer focus and widen its global market leader position in pricing SaaS space. We are proud and excited to co-lead this round with Bain & Company and continue supporting Pricefx in this next stage of growth.”