Celect celebrates $15m series C

Celect,  a US-based retail analytics technology spinout of Massachusetts Institute of Technology, has closed a $15m series C round led by NGP Partners, the venture capital firm founded by communications technology manufacturer Nokia.
Family office Fung Capital also took part in the round together with investment firm Activant Capital and VC firm August Capital.
Founded in 2012, Celect has launched a cloud-based predictive analytics platform called Inventory Optimization Suite that allows retailers and brands to forecast buying trends so they can adjust stock merchandising, allocation and fulfilment schedules accordingly.
Celect’s technology can be applied to both online and brick-and-mortar businesses, and has already been used by apparel brands including Aldo, Polo and Urban Outfitters.
The series C capital will go toward recruitment in engineering and sales as Celect looks to enhance its technology and build up its market share. Upal Basu, general partner at NGP Partners, and Janie Yu, partner at Fung Capital, have both joined its board of directors.
Celect closed a $10m series B round led by Activant in February 2017 that included Fung Capital and August Capital, after August Capital had led a $5m series A round in 2015 also backed by Activant.
The company also issued $50,000 in convertible promissory notes to undisclosed investors in 2013, according to a regulatory filing.