Omnichannel retailer answer supplier NewStore mentioned it acquired a “Series B-1” funding spherical totaling $45 million, which it should use “to fuel its go-to-market strategy, expand globally, speed product development and increase employee headcount.”
NewStore mentioned in a press release the strategic funding “comes after the company saw significant global growth in the first half of 2021, in which it grew its SaaS [software as a service] revenue over 100 percent year-over-year.” The firm mentioned its income wins additionally expanded the corporate’s geographic footprint. The platform is now utilized in 20 international locations in North America, Europe and the Asia Pacific.
The firm’s development was additionally pushed by manufacturers and retailers looking for to enhance omnichannel capabilities to fulfill client calls for. Stephan Schambach, founder and chief government officer of NewStore, mentioned the pandemic “created a rush to adopt omnichannel in the retail industry, and NewStore’s platform was perfectly positioned to help the brands looking to make the transition.”
“By providing omnichannel-as-a-service that can be activated in-store with just an iPhone, we give retailers a turnkey solution for everything from BOPIS to store fulfillment to remote selling, and more,” he mentioned. “This is the foundation of our success, and the latest investment will allow NewStore to build on this momentum as omnichannel continues to be a strategic imperative for all retailers.”
Schambach is a pioneer within the retail know-how and e-commerce area having beforehand based Demandware Inc. in 2004, which was the primary cloud-based e-commerce answer. Demandware was acquired by Salesforce in 2016 for $2.8 billion. Schambach based NewStore in 2015.
The NewStore answer is positioned as a quick and versatile platform that’s straightforward to make use of. Merchants can use it for stock administration, clienteling, retailer success, cellular checkout and “endless aisle” e-commerce. It’s additionally a scalable answer. “As the retail industry realizes the promise of omnichannel, NewStore is positioned to support brands of all sizes,” the corporate mentioned, noting that the platform “was built from day one as a native SaaS, cloud-based solution.”
Aside from sturdy income features this previous yr, NewStore mentioned it has had a variety of “customer wins,” which embody signing offers with Burton Snowboards, Unified Commerce Group’s Frank and Oak, Marine Layer, Faherty Brand and Goorin Bros, amongst others.