Retail platform NewStore raises $20m in strategic investment

13 January 2020 (Last Updated January 13th, 2020 15:14)

Technology start-up and omnichannel-as-a-service provider NewStore has raised $20m in strategic investment to further speed-up its growth momentum.

Retail platform NewStore raises $20m in strategic investment
Brands including Decathlon, UNTUCKit and Outdoor Voices have implemented the NewStore Omnichannel Platform. Credit: Chris Hill.

Technology start-up and omnichannel-as-a-service provider NewStore has raised $20m in strategic investment to further speed-up its growth momentum.

The latest funding round was led by Salesforce Ventures, with new financing from existing investors including Activant Capital, General Catalyst and NewStore founder and CEO Stephan Schambach.

Salesforce Commerce Cloud CEO Mike Micucci said: “We’re excited for NewStore’s integration with our AI-powered commerce platform and new Salesforce order management system.

“This gives customers even more choice in how they deliver omnichannel experiences to keep pace with the rapidly changing needs of their shoppers.”

The company’s Cloud platform allows retailers to operate their stores on an iPhone.

Using the platform, retailers can monitor their stores’ activities, such as customer selling process, in-store operations and real-time inventory management. It also helps retailers drive revenue through ‘endless aisle, mobile checkout, store inventory and clienteling’.

The retail solution is currently implemented by several stores globally, including by brands such as UNTUCKit, Decathlon and Outdoor Voices.

NewStore founder and CEO Stephan Schambach said: “We’ve witnessed an interesting life cycle in retail over the last few decades. Brands have pivoted between channels, trying to meet shoppers where they are. But today’s shoppers are everywhere, and don’t see in channels, which is why omnichannel is a strategic imperative.

“It’s not easy to operate stores in today’s digitally-driven world. Despite stores being a source of great frustration, they also represent a major opportunity. NewStore is the most complete and compelling solution for retailers.”

Brands including Decathlon, UNTUCKit and Outdoor Voices implemented the NewStore Omnichannel Platform.

NewStore has offices in Berlin, Boston and New York.