Retail Solutions raises $15 million Series C

Provider of SaaS platform for consumer packaged goods companies gets a healthy third round

Retail Solutions, provider of management software for retail, has raised a $15.2 million Series C round of funding.

The round was led by Investor Growth Capital, the growth-stage venture capital arm of Sweden-based Investor AB, with participation from all existing investors: Venrock, Bessemer Venture Partners, Red Rock Ventures, and SAP Ventures.

Joining Retail Solutions’ board of directors is Noah Walley, Managing Director of Investor Growth Capital.

Retail Solutions offers consumer packaged goods (CPG) companies a SaaS platform for monitoring point-of-sale and inventory data by store, by day, and by SKU, streamlining companies' relationships with retailers.

The Mountain View-based company says more than 350 CPG companies take advantage of its service. Some of the company’s most prominent clients include Crayola, HP, Kraft, and Nestle.

Having secured a positive net income each month of 2010, Retail Solutions will consider acquisitions in the future to help drive its own growth, according to Executive Vice-President Peter Rieman.

“Retail Solutions has grown very fast in the last few years and has become the uncontested leader in the Retail Execution Management and downstream data spaces,” said Jonathan Golovin, chairmand and CEO of Retail Solutions. “Many of our customers are now extending their early implementations to international, corporate-level roll-outs.”

Golovin says the latest round will help his company expand internationally, a strategy foreshadowed by having a European-based venture firm lead the round.

Founded in 2003 as T3Ci, the company changed its name to Retail Solutions after the acquisition of VeriSign Retail Data Services in 2007. The company raised its first round ($9.4 million) in 2004 and its second ($8.75 million) in 2005, bringing its total raised funds to $38.9 million.