KPMG Capital today announced it has taken an equity stake in Label Insight, a leading provider of software-as-a-service (SaaS) data solutions providing powerful insights and strengthening the connections between Consumer Packaged Goods (CPG) brands, retailers and consumers.
Label Insight’s proprietary technology transforms basic food and beverage product information into smart attributes, such as nutrients and allergens, providing CPG brands and retailers with a deep understanding of their product set. These attributes are easily customized to meet data views requested by retailers or required to participate in industry efforts, such as the SmartLabel™ transparency initiative. Label Insight also works with the U.S. Food and Drug Administration (FDA) to support the agency’s ongoing initiatives around ingredient and nutrient analysis.
KPMG Capital’s investment led the Chicago-based company’s Series B funding round, which raised US$10 million in total. The investment will allow KPMG member firms to offer CPG clients in access to Label Insight’s product data platform, and to work with Label Insight to enter new markets and build relationships with retailers, manufacturers and government agencies around the globe.
In particular, member firms’ CPG clients will benefit from Label Insight’s first-to-market SmartSPEC™ solution, which helps food and beverage brands quickly and easily participate in SmartLabel, an initiative led by the Grocery Manufacturers Association and Food Marketing Institute. Participating brands have the opportunity to establish themselves as leaders in transparency and build consumer trust and loyalty.
Willy Kruh, Global Chair, Consumer Markets, KPMG International commented:
“Label Insight’s pioneering technology addresses a long-standing challenge of exchanging product data between retailers, manufacturers and suppliers. KPMG Capital’s investment in Label Insight will provide member firms’ retail food and beverage clients with access to a single, cross-disciplinary view of product data attributes and marketing claims. This is a platform that can deliver actionable insights on a broad set of relevant risk, cost and growth issues, such as customizing inventory, enhancing customer loyalty with new health and wellness initiatives, and streamlining regulation and compliance.”
Anton Xavier, Label Insight’s co-Founder & CEO said:
“Consumers today want an unprecedented level of clarity and will increasingly give their business to those who make this information available. Label Insight’s transparency marks the new frontier for gaining competitive advantage. Access to this level of product detail is helping retailers, manufacturers and government agencies more clearly communicate important information to consumers regarding nutritional value and food claims.”
Mark Toon, CEO, KPMG Capital added:
“Label Insight is an important addition in KPMG Capital’s advance to deliver disruptive technologies that accelerate innovation and drive tangible business results,” said. “This investment will provide KPMG member firms’ CPG clients – retailers and suppliers of all sizes – with an incredibly robust platform that decodes product data, offers rich product attribution, complies with industry regulation and helps differentiate retail strategies.”