NewStore raises $45 million in funding to accelerate growth
Omnichannel store solution provider NewStore said it has secured $45 million in Series B-1 funding, which it will use for its market strategy, global expansion, rapid product development, and an increased employee headcount.
The strategic investment follows significant growth in the first half of the year, in which it grew its SaaS revenue over 100 percent year-over-year. Its growth equally expanded NewStore's geographic footprint, growing to 20 countries across North America, Europe, and the Asia Pacific.
The company has recently signed a number of new brands at the forefront of retail innovation, including organizations like Burton Snowboards, Unified Commerce Group's Frank And Oak, Marine Layer, Faherty Brand, Goorin Bros, and 5 Star Nutrition.
"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," said Stephan Schambach, NewStore founder and CEO.
"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. 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.”
NewStore is positioned as a fast, flexible, and easy-to-use omnichannel store solution. It’s also prepared to support brands of all sizes with a strategy that aligns directly with the needs of modern retailers.
Other key milestones achieved in the past year, the company said included strategic partnerships with the MACH Alliance, as well as product innovations for improved capabilities around inventory management, offline POS resilience, clienteling, mixed cart, and more.
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