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Daasity Acquires Red Fox Analytics

RETAIL: Focus Shifts to Include Brick and Mortar Stores

SAN DIEGO – Daasity, which serves online consumer brands by offering them data and analytics, has acquired Red Fox Analytics, a data firm with a focus on the CPG space – that is, consumer packaged goods.

Dan LeBlanc
CEO
Daasity

The all-stock transaction closed Feb. 26 and was announced earlier this month (March 13). Financial terms of the deal were not disclosed; Daasity CEO Dan LeBlanc said Red Fox’s owners now own 6% of Daasity stock.

Acquisition Widens Horizons

The acquisition opens new worlds for his company, LeBlanc said in a recent interview.

With its previous, purely digital focus, Daasity’s market consisted of perhaps 100,000 brands. With Red Fox Analytics’ retail and distributor sales data and analytics, “any brand at all is an opportunity for us,” the CEO said.

Daasity was founded in 2017 and has generally followed the current of retail as consumer habits adjusted with the pandemic of 2020. COVID was good for the business because a lot of people started to shop online, LeBlanc said.

“Our customers were completely digital focused,” he said.

Now purely online brands are moving into stores. One case in point is Manscaped, the San Diego-based retailer specializing in men’s grooming products. A second digital brand from San Diego, urinary tract health brand Uqora, got deal to be in every CVS Pharmacy in the country.

“Eighty percent of our customers are now into retail.” LeBlanc said. “We had no visibility into retail sales.” So the Red Fox acquisition made a good deal of sense.

Brands “need to see everything together,” LeBlanc said.

Rick Mochulsky
VP of Business Insights
Liquid Death

“Daasity and Red Fox Analytics together will give us access to all of our sales data in a single platform and enable the business intelligence we need to navigate the retail sales landscape,” said Rick Mochulsky, vice president of business insights with beverage maker Liquid Death, a Red Fox Analytics customer.

Growing With the Market… and Venture Capital

Daasity’s business has grown from supporting $6.5 billion in sales in 2021 to $8 billion in 2022 and $11 billion in 2023. “We handle about 5% of Shopify sales,” LeBlanc said.

Following a seed round of $3.4 million in 2021, Daasity completed a $12.3 million Series A round at the end of 2022. Investors include VMG Catalyst, Centre Street Partners, Cove Fund, Exeter Capital, 1855 Capital, Mooring Ventures, Okapi Venture Capital and Serra Ventures.

Some 30% of Daasity’s employees are based in San Diego. Red Fox Analytics is based in Boulder, Colorado, and most of its employees will come over in the acquisition. Red Fox CEO Chris Mauzé will continue with Daasity as head of product development.

New Initiative Flowered From E-commerce Experience

Daasity has its roots in one of San Diego’s older e-commerce businesses. LeBlanc and several other employees came from ProFlowers, which later changed its name to Provide Commerce and was eventually sold to FTD.

LeBlanc joined FTD as part of the acquisition. Nevertheless, he kept seeing his former colleagues. They would show up with requests for help with their analytics.

“It just got to be too many people asking for analytics help, and I ended up starting Daasity,” he said.

LeBlanc said that in 2024 and 2025, venture capital may not flow as freely as it has in the past, and tech companies needing funds will lean toward mergers and acquisitions.

“It’s going to be an interesting year,” he said.

 

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