REM People raises $12M investment from Ethos Asset Management

REM People, a new-generation retail analytics company providing AI-powered omnichannel retail execution management services in more than 50 countries, has accessed its first overseas investment from Ethos Asset Management Inc.

San Diego, USA-based project finance and investment company Ethos Asset Management has announced a new partnership with Istanbul and Dubai headquartered REM People through a $12 million investment. REM People will use these funds to expand their international network to 24 offices and to reward employees with bonuses, with the eventual goal of sharing 10 per cent of company shares with their employees by implementing via an employee stock option programme (ESOP).

Increasing international reach

Founded in Istanbul in 2015 by tech-entrepreneurs with a retail background, REM People received its first investment in December 2019; using these funds to support their strategy of international growth. Servicing over 50 countries from three regional offices in Dubai, London, and Istanbul, REM People works with 120 brands and retailers, each of which is a leader in its sector. The company increased the number of employees to 140 specialists, an increase of nearly 40 per cent compared to the previous year.

REM People provides cutting edge AI-based technology, combined with live state-of-art business intelligence tools, which create actionable insights for all user levels. Deploying a holistic approach, they help clients track their ‘product journeys’ by monitoring retail merchandising operations and execution performance offline, online and via printed channels.

The first leg of a long-term partnership

On concluding what will be only the first step of a three-stage investment process, Bulent Peker, co-founder and CEO, REM People, said: “This is another important milestone in a journey that began in Istanbul in 2015. We intend to accelerate the scaling of our AI-based technology by investing these funds in AI-focused research and development activities, in our international expansion, in launching new products, as well as helping to establish a marketplace that provides one-stop retail analytics services for global consumer packaged goods companies and retailers. I’m also delighted that this investment is only the first leg of a long-term global partnership and expect to announce further investment rounds in the coming months.”

Hans Kastensmith, executive director, Ethos — North and Central America, said: "It has been my pleasure to work with the Ethos, REM People, and AHI teams to bring this financing deal to a close. This marks another significant investment for Ethos in the retail space which has seen increased activity in 2022 and one we hope to continue expansion in 2023."