Chicory, a leading end-to-end contextual commerce media platform, announced that it has received a minority investment from SEVA I LP, a growth equity firm exclusively focused on serving customer-centric founders building profitable and technology-enabled companies.
Launched in 2013 as a shoppability company, Chicory has transformed into an end-to-end solution for CPG advertisers and retailers by combining unique and engaging media experiences with brand-safe and relevant content. This combination and Chicory’s proprietary shoppable tech enable the company to develop insights that power their optimization tactics and help customers better understand their target audience.
The funding marks Chicory’s first outside institutional capital investment and furthers the Company’s mission to inspire consumers and transform recipe content into commerce media. In connection with the transaction, SEVA Founder and Managing Partner Shalin Mehta will join Chicory’s Board of Directors.
Chicory marks SEVA’s first investment following the closing of their debut fund, SEVA Fund I, which closed last year oversubscribed in just four months.
The financial terms of the investment were not disclosed.
KEY QUOTES:
“We are excited to welcome Shalin and the SEVA team as a financial and strategic growth partner. This investment provides opportunities to scale our business by strengthening our technology, growing our contextual commerce network, and expanding into new product categories and customer verticals. We look forward to the next chapter of our growth at Chicory as we look to continue delivering robust customer experiences to our robust network of CPG brands, recipe publishers, & retailers.”
-Yuni Baker-Saito, Co-Founder and CEO of Chicory
“Chicory continues to define the CPG & Retail contextual commerce space it created and we are thrilled to be partnering with their talented management team, who have proven to be customer-centric thought leaders. Chicory’s unique end-to-end contextual commerce platform and shoppable recipe software tools drive meaningful value for CPG brands, publishers, & retailers. We look forward to collaborating with Yuni, Joey, and the Chicory team to continue building on the company’s exceptional momentum & customer-centric ethos by scaling product and pursuing market growth initiatives.”
-Shalin Mehta, Founder and Managing Partner at SEVA
