The company helps large e-commerce retailers set their prices based on comparing their prices with competitors and helping them optimize their prices based on different criteria (revenue, profit and sales volume, for example). Boomerang never took any seed money, so this Series A round actually marks the first time it has taken outside funding.
As Boomerang’s CEO Guru Hariharan tells me, the company expects to use this new financing to expand its engineering and go-to-market teams, as well as to build additional retail applications on top of its platform. Right now, Hariharan is doing most of the sales himself, and the company is getting quite a bit of traction through word-of-mouth from existing customers, which now include the likes of Staples in the U.S. and Canada and Sears, which is working on a pilot project with the company.
When the company presented at Disrupt earlier this year, it had 16 engineers; that number is already up to around 25 today. Now, Boomerang is looking to at least triple its engineering force, which is mostly based in Bangalore, over the next few months and to hire a number of executives to help it manage its quickly growing workforce.
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