Formulate is a Stockholm, Sweden–based SaaS company focusing on AI solutions for retail promotions. Its core product, Retail DecisionCloud, is a cloud-based AI SaaS platform that analyzes past promotions, produces forecasts for planned promotions, and enables simulation of promotion effects during ideation. The company serves leading Swedish retailers, including Coop and Apoteket. Formulate was co-founded by Andreas Willgert (CEO), Arvid Stenback (CRO) and Robin Bartholdson (CTO), with early hire Anna Blomdell (CPO). In January 2020 it raised €3.7M in a late seed round. The funds will be invested in international expansion and growing the team. Formulate provides DecisionCloud, an easy-to-use AI analytics platform that gives retailers the facts and forecasts they need to make better promotion decisions. The service analyzes standard receipt data from both e-commerce and physical stores, detecting complex patterns and showing which products, discounts, brands and suppliers drive growth. Its models account for how promotions influence purchases of non-discounted goods and categories, and factor in season and weather effects to identify the most effective deals across assortments. The company plans to use the funding to grow its tech team and onboard more retailers to the platform so they can optimize promotions. Formulate positions its product as the first easy-to-use analytics platform in the market for this use case and aims to help retailers become more data-driven. The reported financing was a €1.2 million seed round led by Industrifonden with participation from existing angel investors.

Total raised

$5M

Funding rounds

2

Latest round

Seed

Latest activity

Jan 2020