Retailcommon Closes $2 Million Series A Financing
-- U.S. Introduction of Innovative Retail Engagement Tool Slated for November 1
-- Investor Sean St. John Leads in Significant Way
TORONTO, Oct. 21, 2014 /PRNewswire/ -- Retailcommon, a Toronto based social shopping network, today announced it has raised $2 million in Series A financing. The company, which developed a revolutionary way for retailers to connect with their customers' mobile devices while they are actively shopping, also announced it will launch the Retailcommon services in the U.S. on November 1, 2014. Further details on the U.S. rollout will be announced soon.
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The Most Effective Way for Retailers to Connect with Customers on Mobile Devices
The company is the first social shopping platform designed with retailers in mind. Using the Retailcommon platform, retailers can plan, execute and optimize advertising and promotional campaigns in real time.
"Retailcommon has been delivering results in Canada for three years, where we introduced this new concept to change the way retailers and consumers think about social shopping," said Retailcommon CEO James Cunningham. "Then we began selling and raising capital to strengthen the balance sheet in preparation for our next phase of growth. We are encouraged by the belief investors and customers have in the power of Retailcommon to transform retail business. The new capital, with the experience of our A-list team of investors and proven track record in Canada and Europe, gives us incredible fuel and flexibility to accelerate growth."
"Retailcommon has a relentless focus on working with outstanding entrepreneurs to build category-leading service in the retail industry," said Sean St. John, co-head and managing director of fixed-income, National Bank Financial Markets of Canada. "Retailcommon has built an amazing experience for consumers and businesses in Europe and Canada and is poised for unprecedented growth in the United States. We are excited to work with James and his team helping Retailcommon continue on its phenomenal trajectory."
This round's Retailcommon backers join an all-star list of angels and investors including:
Michael Emory -- President & CEO, Allied Properties REIT
Richard Hamm -- CEO, Bristol Gate Capital & Director, Plaza Retail REIT
Blake Loveless -- Managing Principal, MeyerBergman Funds
Peter Sharpe -- Former President, CEO, Chairman, Cadillac Fairview
Retailcommon's clients use the adaptive, web-based administration tools to instantly create and distribute promotional and advertising content to generate traffic, increase sales and build customer engagement. Unlike other promotion marketing services Retailcommon and its YROO ecosystem allows clients to entirely control content and distribution, with minimal impact on financial and human resources. All of Retailcommon's technology is quickly and easily integrated into existing digital assets for the most efficient implementation for centers and retailers alike. The cloud-based system permits retailers to manage their offers and track real-time results.
"We put the power of Retailcommon's technology in each retailer's hands," Cunningham said. "The intuitive design lets retailers target marketing initiatives by store and day part; track performance in real time; and instantly optimize content based on the results. They're seeing data within seconds."
According to the Chief Marketing Council Office, companies spent $170 billion on "direct marketing"—junk mail of both the physical and electronic varieties—in America alone last year. Yet of those who received unsolicited adverts through the post, only 3 percent bought anything as a result. With its track record in Europe and Canada, Retailcommon has the track record in to be a major online marketing disruptor in the United States with its state-of-the art electronic platform for shopping centers, retailers and consumers.
All of the promotional offers on Retailcommon are easily navigated, shared and redeemed. For shoppers there is no app to download, which eliminates slow updates and gives the consumer full control of registering, providing personal data and location sharing.
About Retailcommon
More than 20 million consumers are now engaging with their favorite merchants via Retailcommon at 128 shopping centers and malls across Canada and Europe. These retailers already use retailcommon's patented, mobile-first adaptive web application to drive 20 million new and existing retail customers to their physical store locations.
For more information go to www.retailcommon.com.
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