SAN JOSE, Calif.
April 30, 2013
Inc., the leader in Applied Big Data for brick-and-mortar retail, today announced the completion of
in Series C financing led by new investor
. All existing investors, including
, participated in the round, which also added strategic investments from
Nokia Growth Partners
. Timed with the new investment,
Laura B. Sachar
, General Partner, StarVest Partners, joined RetailNext's Board of Directors and
, Managing Partner, Nokia Growth Partners (NGP), joined as Board Observer. This round brings the total capital raised by RetailNext to
"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.