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Bentonville’s Stonehenge Technology Labs, provider of a business-to-business software platform for consumer packaged goods companies, caught the eye.
Stonehenge’s platform, Stopwatch, was Microsoft’s main software project on stage last month at its Microsoft Visual Studio 25th Anniversary event, a developer conference in Seattle broadcast around the world. Stonehenge uses Microsoft’s Visual Studio 2022 programming tool to manage back-end processes.
The honor came on the heels of Founder and CEO Meagan Kinmonth Bowman being named the 2021 Innovator of the Year in Emerging Tech Trends at the annual Northwest Arkansas Tech Summit.
Stonehenge Technology Labs spun off in 2019 from OneStone Solutions Group, an e-commerce intelligence company that Bowman co-founded in 2017.
Stopwatch was designed to bring public and private data together in a way that allows every employee of a consumer packaged goods company to see the same information needed to run the business, Bowman said. Its goal is to help businesses reach consumers wherever they are, online or in-store.
For example, Bowman said, if you’re in charge of placing orders, getting goods shipped, managing social media or managing analytics, you know those parts of the business. But “nothing from a core data layer is consistent across the organization,” she said. “And that’s a huge problem, right?”
Most consumer packaged goods companies work with outdated software, she said, suggesting they need more intuitive software like Stopwatch to understand and reach today’s consumers. she declared.
The company says its subscription software can deliver “integrated and actionable” results within 20 days.
The company has raised more than $5 million from investors including IrishAngels Inc. of Chicago; Bread & Butter Ventures of St. Paul, Minnesota; Gaingels LLC of New York; Angeles Investors of Chicago; Bonfire Ventures of Los Angeles; and Red Tail Ventures LLC of New York, according to a press release.
“Our big issue with investors is that we’re 100% committed to a diversified capitalization table,” Bowman told Arkansas Business. “So the money we’ve taken is really strategic in ensuring that our board of directors, our capitalization table and our employee base are diverse, from socio-economic level to race to employee identity. genre,” Bowman said. “That’s the strategy we played. And it’s been a really interesting fundraising journey because it’s hard to find these people.
Without naming them, she said that over the past year, Stonehenge has entered into multi-year contracts with Fortune 100 consumer packaged goods companies. She said Stopwatch has more than 20,000 users in over a dozen companies.
Bowman also said that while the business isn’t profitable, it’s growing, doubling its revenue month-over-month. Again, she did not disclose those numbers. The company has grown from eight employees to 20 since December, “and we continue to grow at this rate,” she said.
Here is Microsoft’s video on Bowman’s company:
Move to NWA
Bowman moved to northwest Arkansas in 2013 “blind” with a vision to start a business to serve a group of consumer packaged goods companies. There are 1,200 CPG corporate offices in the region, Bowman said.
“We knew that if Walmart and other aggressive platforms – Target, Home Depot, Lowe’s, Chewy.com, eBay – started to eat away at Amazon’s market share, there would be a really, really interesting mathematical intersection. for consumer goods companies,” she says.
Bowman has previously done consulting work for large CPG firms. She said she helped onboard, as a ‘code monkey’, another of Jet.com founder Marc Lore’s companies, Quidsi, aka Diapers.com, into the retail giant online Amazon. Walmart then bought Jet.com.
She also led e-commerce at The Harvest Group of Rogers and was a group director at The MARS Agency for clients including Campbell Soup, Colgate-Palmolive and Sun Products. Bowman worked from Bentonville for both companies.
She also led product development, digital integration, and e-commerce retail strategy at subsidiaries of Hallmark Cards, DaySpring, and Crayola.
Bowman is a member of the board of Fast Company, the Forbes Technology Council, the Sam M. Walton College of Business Entrepreneurship Advisory Council, and the University of Arkansas Data Science Curriculum Board.