Price F(x), the startup which offers cloud-based price optimisation SaaS has recently raised EUR 25 million in their Series B fundraiser led by tech investors Digital + Partners and consultancy firm Bain & Company. Two of the companies which also funded their Series A, Credo Ventures and Talis Capital also participated in this round of funding.
Price f(x) was founded in 2011 and provides primarily two software solutions in modular SaaS form. Both of them are cloud-based solutions aimed at markets. One of them is the Price Optimisation and Management (POM) software which is used to optimise the prices for the production and maintenance of any commodity over time, based on the calculation of many different variables involved.
The second form of software is the Configure Price Quote (CPQ) which is aimed at quoting a proper price for any commodity given the market demands, trends, historical pricing, inflation, customer reviews and more. Both the software do the calculation of various factors for the company and advice a proper price and course of action. And both the software can be upscaled or downscaled to match the requirements of any enterprise.
Price f(x) does the job for the company and quickly increases the pace at which it can offer customers the appropriate price in an accurate manner. The startup currently serves over 80 blue-chip B2B and B2C business across the world. Not only that, but it also has an impressive list of companies it has worked for which includes the likes of Schneider Electrics, Iron Mountain, Robert Bosch and more.
“Price f(x) has become the leading SaaS pricing solution provider on the market through its customer-centric approach and by offering a feature-rich, highly flexible pricing tool that is also risk-free and fast to implement,” said Marcin Cichon, CEO and co-Founder of Price f(x). “Our success is based on the continued satisfaction and loyalty of our customers. This new funding will allow us to help even more businesses to thrive by further expanding our existing platform capabilities and also introducing a new product offering for the SME market segment.”
Even their investors are impressed by the concept of their model and their performance, which ensures that both customers and companies can pay fairly for services and products and nobody ends up paying more than they have to and nobody is paying any less than deserved either.
“For most companies, pricing is the single most effective lever to boost earnings,” said Ron Kermisch, Bain & Company’s global pricing leader. “Yet many companies leave money on the table because they do not set the best price or ensure customers actually pay the price they have determined. Bain & Company sees investing in Price f(x) as a great opportunity to help Price f(x) to become the de-facto standard in pricing and with that to be also the best-of-breed competitive weapon for Bain’s clients, to stay at the cutting edge of pricing.”
Price f(x) is a member of the Bain Alliance Ecosystem, which is composed of the best of partnerships which the consultancy firm has invested in and includes tools, strategies, and technologies which quickly accelerates the growth of their clients. Being a consultancy firm, Bain & Company can really utilise the resources at their disposal while the companies in their Alliance Ecosystem can exploit the endless stream of opportunities for the realisation of more profit.
Tipped by Somnath Roy, An avid TechZiffy reader