The first half of 2021 proved to be a windfall for NewStore – after growing revenue and expanding its global footprint, the omnichannel store solution has landed $45 million in Series B-1 funding to drive new growth.
NewStore will use the funding to drive its business strategy, fuel expansion and spur product development, the company said in a news release.
The company's profits increased greatly in the first half of 2021, in which it grew its software-as-a-service (SaaS) revenue over 100% year-over-year, the company said. NewStore plans to parlay its success with omnichannel to support a range of retail brands.
The COVID-19 pandemic has fueled a push to adopt omnichannel in retail circles, Stephan Schambach, founder and CEO of NewStore, said in the release.
“NewStore's platform was perfectly positioned to help the brands looking to make the transition,” he said.
This platform was developed as a native SaaS, cloud-based solution, the company said.
NewStore offers an omnichannel-as-a-service platform, developed by Schambach, that allows brands to run their retail stores on iPhone, the company said on its website. Intuitive apps allow store associates to provide instant customer support, enabling them to deliver a seamless shopping experience between online and the physical store that today’s mobile-first shoppers demand, the company said.
“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,” Schambach said in the release. “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’s growth has enabled it to sign deals with some leading brands riding the wave of retail innovation -- these include 5 Star Nutrition, Burton Snowboards, Faherty Brand, Goorin Bros, Marine Layer and Unified Commerce Group’s Frank And Oak, the company said.
Moreover, the company noted that its financial windfall is driving an expansion of NewStore’s geographic footprint, which now reaches 20 countries in Asia Pacific, Europe and North America.
NewStore was recently admitted to the MACH Alliance, a group of independent tech companies championing technology ecosystems, the company said.