Estonian Change Ventures co-leads €3.3M round for Algori, a data insights startup

Madrid-based Algori, a data insights startup for the consumer goods field, has raised €3.3 million, co-led by Shilling Capital and Change Ventures. Algori will spend it on the further expansion.

• Founded in 2019, Algori provides an AI-based consumer analytics platform. It enables smarter decision-making in consumer goods companies by leveraging consumer shopping basket data.  The startup is currently active in Spain, where it has over 50,000 weekly shoppers. 
• Algori’s platform identifies the shopping basket items on the product level without the need for any retailer sales system integrations. The shopping basket data is further enriched with shopper demographics, psychographics, past purchase history, store locations, and other data points.

“We are leveraging technology in a new way, rethinking the entire process to push the boundaries of FMCG data insights and significantly accelerate the data-driven decision-making capabilities in the sector. Our ultimate goal is to help consumer goods companies get more distribution, more sales and execute their marketing strategies better,”

Andrius Juozapaitis, CEO and co-founder of Algori, said.

• The fresh seed round was co-led by Shilling Capital, a Lisbon-based early-stage VC that targets B2B & consumer startups, and Estonian VC firm Change Ventures. In May 2023 it announced €20 million pre-seed Fund III to support startups from Baltics region.
• The investment was also joined by a technology investment firm, headquartered in London, Flashpoint and several angel investors. The story about Flashpoint, which was previously known as Moscow-based Buran Venture Capital with Russian oligarchs as LPs and vigorous activity on the Russian market, you can read here:

• Algori will use the new funding to scale the business in Spain, expand data science capabilities, and extend operations into new markets in Western Europe.