Chicory, Inc (“Chicory” or the “Company”), the leading end-to-end contextual commerce media platform, today announced that it has received a minority investment from SEVA I LP (“SEVA”), a growth equity firm exclusively focused on serving customer-centric founders building fast-growing, profitable, technology-enabled companies.
Founded in 2013 as a shoppability company, Chicory has evolved into an end-to-end solution for CPG advertisers and retailers by combining unique and engaging media experiences with brand-safe, relevant content. This combination along with Chicory’s proprietary shoppable tech enables the company to develop insights that power their optimization tactics and help customers better understand their target audience.
The investment marks Chicory’s first outside institutional capital investment and furthers the Company’s mission to inspire consumers & transform recipe content into commerce media. In conjunction with the transaction, SEVA Founder and Managing Partner, Shalin Mehta will join Chicory’s Board of Directors.
“We are excited to welcome Shalin and the SEVA team as a financial and strategic growth partner,” said Yuni Baker-Saito, Co-Founder and CEO of Chicory. “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.”
“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,” said Shalin Mehta, Founder and Managing Partner at SEVA. “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.”
Chicory marks SEVA’s first investment following the close of their debut fund, SEVA Fund I, which closed last year oversubscribed in just four months.
Financial terms of the investment were not disclosed.
ABOUT CHICORY:
Chicory is the only end-to-end contextual commerce media platform. It combines the power of contextually relevant and brand-safe content and engaging media with a commerce experience powered by proprietary technology to deliver results and insights for its customers. The platform powers a network of recipe publishers and retailers that CPG brands use to reach 123 million high-intent grocery shoppers each month. Chicory’s contextual advertising and shoppable recipe solutions can be found on over 5,200 websites and food blogs, including Taste of Home, The Kitchn and The Food Network. Sites enabled with Chicory’s technology take grocery shoppers from inspiration to checkout in just a few clicks, driving products to cart for 70+ leading retailers. To learn more, please visit: https://www.chicory.co/
ABOUT SEVA:
SEVA is a growth equity firm exclusively focused on serving customer-centric founders building fast-growing, profitable, founder-led, internet, software, data, marketplace, and technology-enabled services companies. SEVA is based in Brooklyn, NY. To learn more, please visit https://www.sevagrowth.com/.
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