NewStore Raises $45 Million in Series B-1 Financing Round to Accelerate Company Growth
The leading omnichannel store solution will use the investment to fuel its go-to-market strategy, expand globally, speed up product development, and increase employee headcount
NewStore, a turnkey omnichannel store solution, today announced it has secured $45 million in Series B-1 funding. The strategic investment comes after the company saw significant global growth in the first half of 2021, in which it grew its SaaS revenue over 100% year-over-year. These wins also expanded NewStore’s geographic footprint, which now includes 20 countries across North America, Europe, and Asia Pacific.
The success of NewStore stems from the company’s fast, flexible, and easy-to-use omnichannel store solution. As the retail industry realizes the promise of omnichannel, NewStore is positioned to support brands of all sizes. This is because the platform was built from day one as a native SaaS, cloud-based solution. NewStore’s strategy aligns directly with the needs of modern retailers as they look to offer the new capabilities and experiences that today’s consumers have come to expect.
“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, Founder and CEO, NewStore. “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 also achieved a number of other key milestones in the past year. These include:
- Key Customer Wins: NewStore signed deals with multiple brands that are 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
- Platform Reach: The NewStore Omnichannel Platform is now live in several hundred retail stores across North America, Europe, and Asia Pacific, and it is used by thousands of store associates every day.
- Product Innovation: In addition to achieving SOC 2 Type 1 compliance, the notable enhancements to the NewStore Omnichannel Platform include improved capabilities around inventory management, offline POS resilience, clienteling, mixed cart, and more.
- Strategic Partnership: In April 2021, NewStore was admitted to the MACH Alliance, the group of independent tech companies dedicated to advocating for open, best-of-breed technology ecosystems, for its innovative approach to technology.