Rangespan Ltd. has announced that it has raised over $5 million in funding led by Octopus. The investment will be used to help the business rapidly grow its retailer and supplier networks in its core UK market, as well as expand its proprietary market data service, RangeRank.
Founded in January 2011, by former Amazon.com executives Ryan Regan and Matt Henderson, Rangespan enables retailers to more efficiently target, expand and optimise their product ranges.
Combining a unique set of technologies in the areas of market data services, product data transformation, and vendor management, Rangespan is already working with Tesco, Argos, and Asda – the second, third and tenth largest online retailers respectively according to Internet Retailer. In addition, Rangespan retailers can access over 500,000 unique products from thousands of brands.
“We couldn’t be happier to have Octopus as our partner,” said Ryan Regan, Founder. “The ventures team at Octopus has proven to be extremely supportive of the company throughout the past year. With these funds, we are now in a great position to help retailers of all sizes to dramatically grow their sales and profits.”
Alliott Cole, a principal in the ventures team at Octopus, added: “Matt and Ryan are two very talented, experienced entrepreneurs who are building something very special at Rangespan. We have been really impressed by the progress made in recent months and look forward to supporting the business as it continues to grow.”
In addition, Rangespan is officially announcing its proprietary market data service, RangeRank. Combining external signals of market demand and sentiment, RangeRank predicts the sales potential for every product in the market.
This powerful tool allows retailers to quickly add winning products and avoid or drop slow sellers, dramatically increasing their sales and profits. “A big data bank and a wide relevant product range are essential to online success,” said Matt Henderson, Founder, “RangeRank allows retailers to instantly leverage the power of both.”