Advise, a Dublin-based startup furthering data analytics and AI for fast-moving consumer goods (FMCG) manufacturers, has secured €1.55 million in funding to develop its AI-powered SaaS platform that drives better pricing strategies.
The company, trading under RecommenderX, aims to expand its workforce and market reach following a year of 250% revenue growth.
Advise’s funding round was led by Business Venture Partners (BVP) through their EIIS fund and supported by existing investors, including ACT Venture Capital, Elkstone, Enterprise Ireland, and private investors.
Advise plans to double its headcount, growing to 30 employees over the next 12 to 18 months, with a focus on engineering, data science, and commercial roles across Ireland, the UK, and the US. This expansion aligns with a growing demand for data-driven solutions that support manufacturers in optimising pricing strategies and improving retailer collaborations.
Dr Kevin McCarthy, CEO and co-founder, Advise, said: “For decades, retailers have been leveraging their data to determine product pricing strategies, while manufacturers have lacked the insights to have any meaningful influence. With pressure on retailers to consistently drive down consumer costs – especially now amidst the ongoing cost-of-living crisis – this can leave manufacturers with no bargaining chips and very low margins. […] Our easy-to-use AI platform democratises and simplifies the data analytics process and will drive greater competition in retail. It addresses a previously unmet need, and the new funding reflects a market confidence in this solution. The investment, and our partnerships with our investors, will be critical in bringing Advise to the next stage of our journey.”
Founded by Dr Kevin McCarthy and John Phelan in 2016, Advise has created a next-generation AI-powered SaaS platform that integrates sales, inventory, and customer data.
By harmonising disparate data sources, the platform delivers insights that enable manufacturers to enhance market share and ensure competitive pricing strategies. Its clients, including Pilgrims Europe, Dr Oetker (Ireland), and Britvic, benefit from the platform’s ability to benchmark performance, compare product success across retailers, and refine promotional activities.
According to Advise, the FMGC sector, despite challenges from Brexit, COVID-19, and geopolitical instability, has experienced consistent growth, driven by digital transformation efforts.
Advise’s technology empowers manufacturers to address disadvantages in data analytics, equipping them with tools to negotiate effectively in a market focused on consumer affordability.
Andrew McGreal, Investment Director, Business Venture Partners (BVP), said: “Retailers and their manufacturers operate in a traditional industry, but with a very complex data ecosystem. Historically, this combination made data analytics and the ability to unearth actionable insights at pace a challenge. The Advise platform, built specifically for this purpose and industry, enables better decisions and lightning speed to reveal real insights at a low cost of ownership. It’s a game changer for the industry. We have been hugely impressed by the team in Advise and what they have built so far and are thrilled to be supporting their plans for expansion.”
As Advise scales its operations, it aims to bolster its engineering and data science capabilities while intensifying sales and marketing efforts. With new hires distributed across its three key markets (sales, engineering and data science), the startup is well-positioned to capitalise on the increasing demand for advanced analytics solutions in the FMCG sector.
Read the orginal article: https://www.eu-startups.com/2025/01/advise-raises-e1-55-million-to-expand-ai-powered-analytics-for-fmcg-brands/
