- Leading foodservice industry data, intelligence, and market research company Datassential announced that it received a significant growth investment from Spectrum Equity
Datassential — a leading provider of data, intelligence, and market research to the foodservice industry — recently it announced it received a significant growth investment from Spectrum Equity. This investment represents the first institutional capital into Datassential and it positions the company to continue its rapid growth while supporting the expansion of its client services team, staff of analysts and experts, sales and marketing capabilities and new product innovation.
Datassential is on a mission to help the food industry make Simply Smarter Decisions and it is one of the most trusted sources of food trend data, consumer and operator insights, and brand data enabling food manufacturers, food retailers, chain restaurants, and consumer packaged goods companies to innovate and sell more effectively.
“Datassential is a company that’s all about new ideas, and this allows us to pursue more of them than ever before,” said Jack Li of Datassential. “Our partnership with Spectrum Equity is great – we’ve got several jaw-dropping innovations that this allows us to pursue with an amazing stack of resources.”
Datassential is used by clients to track food trends and consumer preferences at the ingredient level with incredible accuracy, ideate new products in real-time, identify top-selling opportunities and answer custom questions based on context-rich industry insights.
“The Datassential team has built an innovative product suite that its customers love. The company is positioned to capitalize on the vast opportunity ahead by expanding its industry-leading service approach to new areas in food, as well as around the world,” added Jeff Haywood, a Managing Director of Spectrum Equity.
The terms of the deal were undisclosed. Latham & Watkins LLP had served as legal counsel for Spectrum Equity. And Datassential’s financial advisor was Intrepid Investment Bankers with Sklar Kirsh LLP serving as the company’s legal advisor.
“Our partnership with Datassential fits seamlessly with Spectrum’s long history of working with leading industry-focused, online information services companies. We look forward to supporting the company as it pursues its exciting vision for the future,” explained Mike Farrell, a Managing Director of Spectrum Equity.
As part of the transaction, Haywood, Farrell, and Michael Radonich of Spectrum will join Datassential’s board of directors.
