Rangespan Ltd. said it raised over $5 million in a deal led by Octopus. The investment will be used to help the company expand its retailer and supplier networks.
RANGESPAN RAISES OVER $5 MILLION IN FUNDING LED BY OCTOPUS;
Rangespan, the e-commerce start-up that is already working with Tesco, Argos and Asda, secures investment as it launches an innovative market data service for retailers
Rangespan Ltd. today announces that it has raised over $5 million in funding led by Octopus. The investment will be used to help the business rapidly grow its retailer and supplier networks in its core UK market, as well as expand its proprietary market data service, RangeRank.
Founded in January 2011, by former Amazon.com executives Ryan Regan and Matt Henderson, Rangespan enables retailers to more efficiently target, expand and optimise their product ranges. Combining a unique set of technologies in the areas of market data services, product data transformation, and vendor management, Rangespan is already working with Tesco, Argos, and Asda – the second, third and tenth largest online retailers respectively according to Internet Retailer. In addition, Rangespan retailers can access over 500,000 unique products from thousands of brands.
“We couldn’t be happier to have Octopus as our partner,” said Ryan Regan, Founder. “The ventures team at Octopus has proven to be extremely supportive of the company throughout the past year. With these funds, we are now in a great position to help retailers of all sizes to dramatically grow their sales and profits.”
Alliott Cole, a principal in the ventures team at Octopus, added: “Matt and Ryan are two very talented, experienced entrepreneurs who are building something very special at Rangespan. We have been really impressed by the progress made in recent months and look forward to supporting the business as it continues to grow.”
In addition, Rangespan is officially announcing its proprietary market data service, RangeRank. Combining external signals of market demand and sentiment, RangeRank predicts the sales potential for every product in the market. This powerful tool allows retailers to quickly add winning products and avoid or drop slow sellers, dramatically increasing their sales and profits. “A big data bank and a wide relevant product range are essential to online success,” said Matt Henderson, Founder, “RangeRank allows retailers to instantly leverage the power of both.”
About Rangespan Limited
Founded in 2011 by former Amazon.com executives, Rangespan is the low risk way for retailers to grow and optimise their product ranges. Leveraging its expertise in retail, software, and data analysis, Rangespan’s unique technologies make it easy for suppliers and retailers to work together by automating the data and administrative work that constrains product adoption. Already working with three of the ten largest online retailers in the UK, Rangespan also allows suppliers to get their products in front of more customers. In addition, Rangespan offers a proprietary market data service, RangeRank. By predicting the sales potential for every product in the market, RangeRank enables retailers to dramatically increase their sales and profits by quickly adding winning products while avoiding or dropping slow selling products. Learn more about Rangespan atwww.rangespan.com.