TCV makes $200m investment in RELEX
Written by Peter Walker
Retail planning solutions provider RELEX Solutions has announced a $200 million minority investment in the company from growth-stage tech investor TCV.
RELEX stated that it will use the funding to continue to fuel growth, with the three founders, Mikko Kärkkäinen, Johanna Småros and Michael Falck staying in their senior management roles, remaining significant shareholders. Existing investor Summit Partners will also retain an equity stake in the business and will continue to hold a seat on the board of directors.
Kärkkäinen commented: “We will increase our speed by accelerating our product development ambitions, hiring more tech talent and investing further into the development of our organisation, as well as further expanding our retail-specific machine learning and AI capabilities that complement our core data processing platform.”
The Finnish firm provides accurate forecasting and replenishment, localised assortments and optimised workforce planning to brands including Coop Denmark, Franprix, MediaMarkt, Morrisons, PartyCity, Rossmann and WHSmith.
TCV’s general partner John Doran added: “We are impressed by RELEX’s modern, highly flexible and cloud-based software, data processing performance, ambition and customer-centric culture.”