Chicory's Strategic Investment from SEVA Fuels Growth Plans
Chicory Secures Growth Investment from SEVA
Chicory, Inc, a prominent player in the contextual commerce media landscape, has announced a significant minority investment from SEVA I LP, a growth equity firm dedicated to supporting innovative, customer-focused founders. This union is set to amplify Chicory's mission of transforming the recipe content landscape into a thriving commerce media platform.
Innovating Contextual Commerce
Beginning its journey as a shoppability company in 2013, Chicory has adeptly shifted to serve consumer packaged goods (CPG) advertisers and retailers. By integrating engaging media experiences with a foundation of brand-safe content, Chicory has positioned itself as a leading solution provider. Its proprietary shoppable technology unlocks insights that enhance optimization strategies, allowing brands to better connect with their target audiences.
The Impact of SEVA's Investment
This marks Chicory's inaugural receipt of institutional capital, enabling the company to bolster its objectives. Yuni Baker-Saito, Chicory’s Co-Founder and CEO, expressed excitement in welcoming Shalin Mehta of SEVA to the Board of Directors, recognizing the value this partnership brings in scaling their operations and enhancing their technological framework.
Joining Forces for Enhanced Consumer Experiences
Baker-Saito highlighted that this investment is pivotal in scaling their offerings within the contextual commerce space. Chicory aims to expand its product categories, develop its contextual commerce network, and refine its services to further engage the vast array of CPG brands, recipe publishers, and retailers within its ecosystem.
Market Recognition and Future Path
Shalin Mehta, Founder and Managing Partner at SEVA, acknowledges Chicory as a leader in the CPG and retail contextual commerce sphere. Mehta elaborated that this collaboration seeks to fulfill the company’s ambitious goals and sustain its formidable momentum along with its customer-centricity. The union aims to cultivate the robust offerings that Chicory is renowned for, driving considerable value for its clients.
SEVA's Commitment to Chicory's Growth
Chicory stands as SEVA's inaugural investment following the establishment of their debut fund, SEVA Fund I, which had remarkable success, closing oversubscribed within a very short time frame. This highlights SEVA's commitment to backing visionary companies poised for continued growth.
The financial specifics surrounding this investment remain undisclosed, yet the strategic implications are vast.
About Chicory
Chicory stands at the forefront of contextual commerce media platforms. By combining context-driven content with a seamless commerce experience through proprietary tech, Chicory enables CPG brands to connect with over 123 million engaged grocery shoppers monthly. The platform's shoppable recipe solutions appear on more than 5,200 food-related websites, including well-known sites like Taste of Home and The Food Network. Customers can transition seamlessly from culinary inspiration to purchasing, particularly benefiting leading retailers.
About SEVA
SEVA is dedicated to partnering with customer-centric founders aiming to drive growth in their businesses. Their investment focus encompasses fast-expanding, profitable companies across the internet, software, and technology-enabled services sectors. With a base in Brooklyn, NY, SEVA combines its expertise in growth equity to facilitate substantial advancements for its portfolio companies.
Frequently Asked Questions
What is the purpose of Chicory's new investment?
The investment aims to enhance Chicory's technology, expand product offerings, and grow its network within the contextual commerce space.
Who is Shalin Mehta?
Shalin Mehta is the Founder and Managing Partner at SEVA, recently appointed to Chicory’s Board of Directors as part of the investment deal.
Why is this investment significant for Chicory?
This is Chicory's first outside institutional investment, which will help them scale operations and better serve their customers.
How does Chicory's platform work?
Chicory integrates engaging media with a shopping experience to connect CPG brands with high-intent grocery shoppers, enhancing the path from interest to purchase.
What markets does SEVA focus on?
SEVA focuses on fast-growing, profitable companies across various sectors, including technology, software, data services, and marketplaces.
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