Avansera, a Finnish consumer analytics startup, just won the 3rd place in the EU Idea “Smart Spaces” Challenge, a series of pitching competitions organised by EIT ICT labs with over 800 entrants from across Europe. They won €15,000, as well as coaching and mentoring from experts of the EIT ICT Labs Business Development Accelerator, integration into future EIT ICT Labs Action Line Activities, and office space for up to 6 months in one of EIT ICT’s Co-Location Centers. This puts Avansera well on course on their mission to disrupt the retail industry by offering detailed reporting at a price point that opens up the market.
Their business model is two-fold: First, they offer a free app called Genius Shopper, which allows consumers to shave up to 30% off their food bills by showing them the best offers and cheapest deals for items on their shopping list. Data gathered through Genius Shopper allows them to find patterns in customer behaviour metrics, such as brand loyalty and price flexibility, which they sell back to the food industry. Their 6-month beta trial garnered over 50 million data points, giving food production companies insights into their customers that weren’t previously available.
Managing Editor Rohan Patil talked to CEO and Founder Cormac Walsh about Avansera’s business, market challenges, and plans for the future: