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Danish startup raises millions from international private equity funds. The investment will be spent on international growth, and the goal is clear: to create the next great Danish infrastructural software success.

Custimy set out to give SMEs easy access to an e-commerce and retail data platform that can match the sophisticated systems of large, multinational corporations to understand, analyse and deliver deep insights about their customers, products and business. A pure David against Goliath.

In two years, this has made the company one of the fastest-growing startups in Denmark. Today, Custimy sells its solution to five different markets, is approaching 50 employees and has acquired a number of customers in the e-commerce segment such as Blazar Capital, WoodWood, Better Nights and Abena.

“We’re not so small anymore,” says Martin Navne with a grin, and says that it’s simply because of his busy schedule that he’s been hard to reach in recent days.

Although growth already looks impressive, Custimy is only just getting started. International markets await, and to reach them quickly, the company has just raised a double-digit million investment (DKK) from Stormbreaker Ventures in Silicon Valley and French ID4 Ventures, along with Preseed Ventures and a number of strong strategic business angels.

“We’ve shown we can do well abroad – our big focus right now is actually the UK. We’re also going to spend a lot of the economy showing that we can get tracktion there, and already early next year we’re going to start Central Europe in earnest,” says Martin Navne.

Millions in a burgeoning market

When Custimy set out to raise money in the spring, they also entered an investment market they knew would be challenging. And that only makes Martin Navne more satisfied with the result.

“It’s been a crazy time to fundraise. So in the end, it’s also been great to see that we were able to do that as a product, a team and ultimately a vision,” he says.

For French ID4 Ventures, the democratic mission of Custimy has been an important reason for the investment:

“After a period of growth at any cost, e-commerce is now entering a period of growth with financial discipline, which will require solutions to harvest and leverage data. Custimy aims to fill this gap in the market. They want to level the playing field for small and medium-sized e-commerce businesses, and we are happy to provide both funding and know-how to make this vision a reality,” says Mikkel Preisler, advisor at ID4 Ventures.

The same goes for Stormbreaker Ventures from Silivon Valley, which also sees the great potential in democratising the market.

“For e-commerce businesses, customer acquisition via third-party channels has skyrocketed to unsustainable levels. Custimy dramatically reduces these costs through its next generation customer insight, acquisition, activation and retention platform that is simple, easy to use and incredibly easy to get started with. We look forward to working with Martin and the team at Custimy to democratize these opportunities,” says Bart Lorang – Partner, Stormbreaker Ventures

At a time when every business is focused on profit, Custimy has created a recommendation algorithm that diagnoses and illuminates how ecommerce can attract and retain the most profitable customers.

An accessible data platform

With its data platform, Custimy primarily targets the retail and e-commerce market. Here, data has been plentiful for years, but only the largest enterprise companies have had a data warehouse to make the most of it. And that’s what Custimy wants to change.

The Startup Customer Data Platform collects, processes, analyses and delivers all data in one platform that is directly actionable. It’s what international enterprise companies have been doing for years, and what Custimy will now make available to all ecommerce businesses.

“We believe that SMEs have been forgotten in the digitisation wave and we are fighting to give ecommerce businesses the tools to fight Goliath. Our CDP (Customer Data Platform ed.) minimizes complexity, maintenance needs, and friction for SMEs and provides easy access to data that provides insights into where to increase profits, which customers are good and bad, and which products are trending and which are declining. It gives businesses insights to drive results in marketing, procurement and customer loyalty,” says Martin Navne.

The start-up has also invested heavily in the technology itself. And, according to the founder, this is what is now bearing fruit.

“The main reason for the investment is that our product is one of the most sophisticated on the market, also globally. We’ve created accessibility so you can get started without big development projects and expensive consultants. But we’re by no means finished developing – in fact, we’ve hardly even started,” he says.

A major new Danish success

With new investors and a solid million euros behind it, Custimy is now ready to start its international growth journey in earnest. The expectation is to continue the great growth from the first two years, because the ambition is to create new big, big success from Denmark.

“We haven’t actually had a really big software startup from Denmark since Sitecore. I myself spent six years in London before Custimy, but I’ve always had faith that you can build great successes in Denmark. Pleo and Lunar are showing it right now, and we are the next generation,” he says.