Mobile commerce platform PredictSpring has received $11.4 million in a Series A funding round led by Felicis Ventures.
PredictSpring will use the funding round to:
Open a new global office in Europe;
Expand engineering and sales staff in Silicon Valley and New York City; and
Expand its mobile commerce platform capabilities for retailers and brands.
The PredictSpring platform is designed specifically to build consumer and associate mobile apps that provide in-store digital experiences. Features include fingerprint checkout, real-time in-store inventory, conversational commerce, mPOS, instant search, 3D touch, barcode scanning, geo-fenced notifications and CRM integration.
With mobile-first commerce gaining relevance as Millennials continue to own and shop on more devices, platforms that assist retailers as they get used to the new climate are becoming ever more valuable. Mobile expectations are higher than ever in 2016, with 64% of smartphone users expecting a site to load in four seconds or less and 40% turning to a competitor’s site for a better mobile experience, according to Moovweb.
“We are in the midst of a fundamental shift in consumer behavior and buying patterns,” said Nitin Mangtani, Founder and CEO of PredictSpring. “Today’s consumer expects instantaneous response times and the ability to shop anywhere, anytime with a single touch of a button.”
Aydin Senkut, Managing Director of Felicis Ventures, and Ken Seiff, Managing Partner of Beanstalk Ventures, have joined PredictSpring’s Board of Directors.
Beanstalk Ventures and Novel TMT Ventures also participated in the investment, as well as Benvolio Group, an investment firm headed by Lew Frankfort, the Chairman and former CEO of Coach.