Channel IQ Secures Credit Line From SVB
Channel IQ, a provider of online pricing intelligence and channel management solutions, announced that the company has secured a line of credit from Silicon Valley Bank. Over the last year Channel IQ has been rapidly growing with more than 80 clients across every industry of online goods, from consumer electronics and housewares to high-end luxury items, auto parts, apparel, pharmaceuticals and more. Channel IQ will use the funds to increase staff size by 30 people over the next 12 months and further aggressive sales and marketing plans. The company previously closed a Series A funding round at the end of 2010.
“We are excited for the opportunity to work with innovative companies like Channel IQ as they grow,” said Kristen Parsons of Silicon Valley Bank in Chicago. “Channel IQ’s popularity with both online retailers and manufacturers, in addition to the strong management team, position the company well for success. Our goal is to add our expertise in working with dynamic companies to help them meet their growth objectives.”
Channel IQ’s dynamic data collection and applications enable manufacturers and retailers to track product prices in real-time, monitor for minimum advertised price (MAP) pricing policy compliance, and detect gray market sellers and counterfeit activity. Channel IQ’s new standard of online price monitoring also provides visibility into competitors’ products, new seller opportunities, and key industry trends to help customers make more informed and profitable business decisions.
“The e-commerce market continues to reach every imaginable industry, affecting every business selling products–both DTC and B2B,” said Wes Shepherd, CEO of Channel IQ. “Funding from Silicon Valley Bank demonstrates the support of one of the most influential partners in the technology industry and provides us the opportunity to expand our service offerings across industries.”