In-store analytics solutions provider RetailNext has secured an additional $125 million from Activant Capital Group and other investing partners to bring its total capital to $184 million in growth funding.
RetailNext plans to use the funding to accelerate growth in new markets and pursue strategic acquisitions to further its competitive advantage and value proposition to retail customers. The company also plans to strengthen its presence in North America, Europe and Asia.
“Currently, about 90% of RetailNext’s revenue is domestic, but our global deployments are growing to be a larger part of the overall business every single month,” said Alexei Agratchev, CEO and Co-Founder of RetailNext. “Plans for this current round of funding include a continuation of our rapid expansion in Asia, Europe and other emerging markets, and I’m personally excited about the opportunity that exists in those regions. In two or three years, 60% to 70% of RetailNext’s revenues should come from international business. Plus, with partnerships like those we have with Nielsen, American Express, AT&T, Tyco, Cisco and others, we will grow our business in all segments of retail, including malls and venues, convenience stores and grocery stores.”
The additional funds allow RetailNext to extend the capabilities of its SaaS platform through investment in research and development, including expanding engineering resources and broadening platform capabilities with in-store location and predictive analytics technologies.
Additional investors in the round included August Capital, StarVest Partners, Nokia Growth Partners, Commerce Ventures, American Express, Pereg Ventures and Qualcomm Ventures, along with new investor Siguler Guff & Company.
Activant’s founder, Steve Sarracino, joins the RetailNext board of directors effective immediately.
“Activant Capital Group sees explosive growth driven by technology that enables retailers to reinvent the in-store experience and complete the puzzle of a seamless omnichannel brand across stores, online, and mobile,” said Sarracino in a company statement. “We are excited to serve as a catalyst to RetailNext as it extends its leadership position during this period of massive growth for this sector of the retail technology landscape.”