Neogrid, a company specialized in supply chain management, acquires Lett, a startup specialized in solutions for e-commerce and digital trade marketing, for R$ 38,5 million. The complementary nature of the business and international expansion were key factors in the company’s acquisition, which grew 230% last year. The strategy is to combine Neogrid’s information and business model with Lett’s platform to offer more dynamic and effective tools for manufacturers and retailers.
Neogrid began observing Lett’s development in 2016. Since then, the company has signifi-cantly multiplied its business and continues to expand. Today, it operates in 14 countries and has more than 500 connected e-commerce sites. “We have been following Lett for five years and understood that the time had come to make this move. In addition to adding the expertise they have in digital channels to Neogrid’s solution portfolio, it will be critical to our internationalization, as it already connects brands and retailers in important Latin American markets such as Mexico, Colombia, Chile, and Argentina,” says Eduardo Ragasol, CEO of Neogrid.
Founded in 2014, Lett is a martech for manufacturers and retailers focused on e-commerce. The company offers data analysis platforms for product pages and for integrated content distribution in order to leverage the performance of online sales. The tools optimize, compare, and manage the information available to e-shoppers. Services offered by the startup are one of the key growth pillars for the retail industry.
“Currently, the discrepancy in product descriptions is a major factor for loss of online sales. Lett’s know-how, together with Neogrid’s data network, will certainly solve this problem, as it allows setting up the perfect store with image, price, availability and actual characteristics of each product sold in e-commerce,” points out David Abuhab, Chief Strategy Officer of Neogrid.
Lett is a specialist in e-commerce. The startup publishes the E-commerce Quality Index (EQI), the first and only study that assesses the quality of information in Brazilian e-commerce from the perspective of the end consumer. The study, which is currently a reference in the market, analyzed in its most recent version 754,000 product pages, 39 online retailers and 650 brands in the Health, Hygiene and Beauty sector. The report considers multiple data categories such as the number of images, full description, rating, reviews, categorization, and title of products in e-commerce.
“We live in a new moment in market relations. Digitization is no longer an option, but a reality for manufacturers and retailers that want to remain active and competitive. Through technology and innovation solutions, we help connect businesses and consumers by providing the best possible shopping experience for customers who are increasingly demanding,” says Davi Song, CEO of Lett.
Since its foundation, Lett has been recognized with awards such as 100 startups to watch, Startup Chile, Sinapse de Inovação, Inovativa Brasil, Startup Destaque by Liga Insights Martechs, Seed e Sturtup Indústria.
For more information, visit the Neogrid website.
ABOUT LETT
Lett is specialized in Digital Trade Marketing and its focus is connecting brands and con-sumers to create the perfect shopping journey in e-commerce. For this, the company offers real-time data intelligence tools, which help brands and retailers to leverage their digital sales. Through Lett’s platforms, manufacturers analyze KPIs for assortment, inventory availability, price, digital content (images, title, description, reviews, and comments) and much more. Retailers, on the other hand, have access to a portal, with all the information they need to enter on the product page. Overall, Lett is connected to over 500 brands, 200 retailers and monitors over 6 milions product pages. Learn more at: lett.digital