Nextail, a Spanish SaaS company, has closed a $10m Series A funding round to fuel its international expansion.

The round was led by London and Amsterdam-based venture capital firm KEEN Venture Partners, with participation from Sonae IM and existing investor Nauta Capital.

The tech company has developed a cloud-based platform, which uses artificial intelligence to improve retailers’ inventory planning, merchandising decisions and store operations.

Nextail was founded by Joaquín Villalba and Carlos Miragall in 2014. Villalba, who also acts as CEO, said: “Agile and data-driven decisions help organisations meet customer demands. At Nextail, we deliver smart automated decisions, powered by the analytical principles that the leading digital players use

“We help our clients with smarter use of inventory, so that they can focus on delivering better products and experiences to their customers” he added.

Nextail currently has offices in Spain, Italy, Russia, the UK and the USA. This fresh funding will be used to develop and scale the company, with a focus on R&D and accelerating product development. It also plans to double its headcount to over 100 employees as it grows internationally.

CFO Carlos Miragall said this round is a significant stepping stone for the company. “In addition to the extra backing from Nauta Capital, we’re excited to have received funding from KEEN and Sonae IM. Their belief in our technology and scale up potential will enable us to truly drive global expansion, as we support brands in new geographies, specifically the US and the UK,” he said.

The purpose of Nextail’s platform is to provide data to retail firms. This is intended to help them buy new collections and distribute products, as well as increasing their returns. The company’s clients include fashion brands such as Pepe Jeans, Stefanel and Melon Fashion Group. The brand claims that clients typically see sales increasing between 5-10% within 30 days.

KEEN Venture Partners focuses on European and select North American investment opportunities.

Alexander Ribbink, general partner at KEEN, commented on the news: “Retail is one of the sectors of the economy with the highest potential for AI impact. Retailers are used to establishing partnerships through their value chain. We believe now is the time for them to partner with specialised AI providers for the right decision-making tools.”

Participating investor Sonae IM invests in tech-based companies for the retail and telecommunication verticals, from Series A onward.

Eduardo Piedade, Board Member at Sonae IM, concluded: “We were impressed by the complementary experience and execution drive of Nextail’s team. Their first-class platform is a revolutionary solution to address a retail core opportunity, advanced inventory management decisions. We believe Nextail is well positioned to disrupt this market and become a leading player.”