Buynomics raises 13 million euros

The Cologne-based SaaS platform successfully closes its Series A financing round. With the new capital, the start-up plans to expand into the USA, among other markets.

Cologne-based software-as-a-service platform Buynomics closes its Series A financing round with $13 million. The round is led by Insight Partners, which made a name for itself with early investments in Twitter and Shopify. Existing investors such as Lafamiglia, Seedcamp, Tomahawk and Dieter von Holtzbrinck Ventures also invested in Buynomics again.

The company, founded in 2018, plans to use the capital to expand into the U.S. market and improve its proprietary software. Buynomics developed a platform to make it easier for companies to predict the purchasing decisions of their customers. To do this, the company works with large data logs to model complex purchasing decisions and decision-making processes. Entrepreneurs are thus to be supported in pricing.

"Today, companies need to react faster to cost increases or competitor movements," says Buynomics co-founder Ingo Reinhardt. "Traditional solutions, often based on Excel, are no longer sufficient for this." He therefore sees great growth potential in his own software, which works with the help of AI and machine learning. The Cologne-based start-up employs 50 people.