Pricefx, the Munich-founded startup that offers cloud-based pricing software, has raised $65 million in Series C funding.
The round was led by funds advised by Apax Digital, the growth equity team of Apax Partners, with participation from existing investor Digital+ Partners. It brings the company’s total raise to date to $130 million.
Pricefx says it will use the new funding for further expansion and to consolidate its “leadership position” within the SaaS pricing industry. It will also invest in product innovation, extend its partner ecosystem, and consider making strategic acquisitions.
Founded in 2011, Pricefx provides a modular SaaS solution for price optimisation management (PO&M) and configure-price-quote (CPQ) for enterprises of any size.
Pricing optimisation software typically helps companies accurately define the price of goods across a vast and constantly changing spectrum of data and variables. This can include things like customer survey data and segments, competitor data, operating costs, inventories, and historic prices and sales.
CPQ software aggregates these variables, thus enabling companies to configure products or services in the most optimal way (i.e. bundling, up-sells, etc.), and price them according to costs, competition and local economic factors.
In May, Pricefx acquired French market leader Brennus Analytics, which adding AI capabilities to its pricing optimization solution.
To that end, Pricefx notes that SaaS solutions and pricing software in particular has faced increased demand since pandemic measures forced companies to “rapidly address” digital transformation and are looking for ways to become more competitive in a downturn. As a result, Pricefx says it has signed more than a dozen new customer deals since March of this year.
“Pricing is being recognized as a critical competency for global enterprises and Pricefx is leading the way for a SaaS-based approach,” says Marcin Cichon, CEO and co-founder of Pricefx, in a statement. “This investment from Apax confirms Pricefx’s resilience, ability to grow its customer base, and innovate – even during challenging times. This investment will further power our global commercial strategy and aggressive product innovation, by attracting critical talent, expanding our growing ecosystem of partners, and enabling further potential strategic acquisitions – all in pursuit of our mission to bring pricing solutions to as many companies as we can, as simply and effectively as possible”.