NewStore secures $50m in Series B funding round
US-based mobile retail platform NewStore has secured $50m in a Series B funding round led by Activant Capital, which was joined by General Catalyst and founder Stephan Schambach.Taking the current total capital raised to $90m, the new round of investment is expected to strengthen NewStore’s position in the mobile commerce market.
The company noted that the investment will enable it to expand its innovative platform and launch the solution for retail omnichannel services.
NewStore founder and CEO Stephan Schambach said: “We take care of the heavy lifting for retailers, so they don’t need to spend precious resources on software development.”
The NewStore mobile retail platform is claimed to be a customisable end-to-end solution, working with e-commerce platforms to avoid establishing dissimilar point solutions.
Schambach added: “Shopping has become a streaming activity. Consumers want to check inventory, browse products, place orders and write reviews at their own convenience, on a mobile phone.
“They can create a shopping experience at anytime they want, tailored specifically for them.
According to the company, retailers must embrace the mobile age in order to meet changing customer needs and building relationships.
The solution enables consumers to connect with associates and access products.
It can also be integrated with existing e-commerce platforms such as Salesforce Commerce Cloud, SAP Hybris, Oracle ATG and Magento.