Polar Analytics raises $9M to scale Shopify brands

After using a one-click method to set it up, brands can create data points and other insights to make better decisions on how to grow their businesses.David Dokes and Charbel Seif started the company in 2020. Dokes was previously managing Turos growth team and a $20 million annual marketing budget, while Seif was formerly a data scientist at Airbnb.Three years later, the company is supporting more than 2,200 brands, including Pol\xe8ne, the Frankie Shop, Albion Fit and Mani\xe8re de Voir. We see the market as you no longer have to choose between retail or e-commerce, but actually going omnichannel and selling whenever it makes sense.Polar Analytics business metrics layer, which Dokes described as a huge dictionary of all of the metrics and dimensions of e-commerce, gives each brand a so-called knowledge worker, that aggregates all of the different data sources and provides a no-code business intelligence experience. Dokes said the process takes about two days for a brand to do this, whereas previously it would have taken six to 12 months and required developers and data experts.The concept has caught on: The company is working with customers in over 26 countries the United States, United Kingdom, France and Australia are top markets and Polar Analytics is growing 300% year over year. It has processed $11.8 billion in gross merchandise volume and 1.6 billion of ad spend in the last 12 months.It shows, on average, based on the number of customers that we have, that brands on Polar actually make about $4 million or $5 million a year, Dokes said.Today, Polar Analytics announced a $9 million Series A round of funding, led by Point Nine, that included participation from existing investors, Frst, angel investors and Polar Analytics customers.