SAN JOSE, Calif., April 30, 2013 /PRNewswire/ -- RetailNext Inc., the leader in Applied Big Data for brick-and-mortar retail, today announced the completion of $15 million in Series C financing led by new investor StarVest Partners. All existing investors, including August Capital, participated in the round, which also added strategic investments from Nokia Growth Partners and Commerce Ventures. Timed with the new investment, Laura B. Sachar, General Partner, StarVest Partners, joined RetailNext's Board of Directors and John Gardner, Managing Partner, Nokia Growth Partners (NGP), joined as Board Observer. This round brings the total capital raised by RetailNext to $29 million.
"RetailNext offers StarVest a winning combination for a growth equity investment: proven and smart management, a growing roster of customers and a unique and timely offering. The retail sector continues to embrace the RetailNext platform because there is clear value in improving performance of brick-and-mortar stores, particularly by measuring and testing myriad data sources within those walls. It's a clear fit for our data-as-a-service practice," stated Ms. Sachar.
The first technology platform to bring e-commerce style shopper analytics to brick-and-mortar stores, RetailNext enables retailers to collect and correlate data from the broadest available set of sources including video cameras, point-of-sale (POS) systems, Wi-Fi devices, and time and attendance applications. More than 60 retailers have adopted RetailNext to glean the insights necessary to increase same-store sales, reduce theft, eliminate unnecessary costs, and improve the customer experience."Considering that ninety-five percent of purchasing still takes place in the brick-and-mortar channel, it is not surprising that we've seen a strong appetite among retailers to collect the factual knowledge about shopper behavior that can directly lead to bottom-line improvement. This rapid adoption is driving more than triple year-over-year revenue growth for the company," said Alexei Agratchev, CEO of RetailNext.