Press release: Decodata closes another successful funding round
Decodata ended 2023 with the closing of a successful funding round. The formation of six investors consists of existing investors in Decodata and is expanded to include data specialists from the equity market and the successful entrepreneurs behind Stoov®.
With this group of investors, we bring in specialists with even more knowledge about the possibilities of data, International e-commerce, and marketplaces, said CEO and founder Anne de Jongh. ‘Many people do not yet understand the scale of the problem in the interior industry while the problem is twofold. On the one hand, there is an automation gap. On the other hand, the CO2 emissions in the interior industry are many times higher than in fashion partly due to the old-fashioned way of processing data.’
CCO and co-founder Eric Mencke indicate this has been a strategic round.
‘Over the past period, we have learned that the timing of a funding round is more important than ever in the current investment climate. Whereas until 2022, investors were lining up for SaaS companies with a working product, product-market fit, and paying customers, the situation is different now. With Decodata, we consciously decided to optimize product-market further fit with industry-wide pilots. Next year, with the deployment of our comprehensive (AI) toolkit, our goal is to scale up to a level where we can achieve a substantial round of funding at a nice valuation.’
Due to the arrival of the CSRD (Corporate Sustainability Reporting Directive) imposed by the government, data on the origin of products is becoming more important than ever. In doing so, players who have this in order will win out over manufacturers and vendors who lag in this regard, according to Decodata.
In early November, the company launched a Product Selector in which product information on complex products can be structured and linked to a unique ID. This means that every chair, regardless of color and material variation, will be insightful through our product, just like, for example, products in the food industry and consumer electronics. By enabling this coding of products, the chain from production to sale and a product’s circularity can be made transparent.
The successful closing of this funding round, combined with Decodata’s in-house knowledge and experience, allows Decodata to further position itself as the authority on product data in the furniture sector. The urgency to enable automation is now greater than ever.
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