Narvar, which describes itself as a “premium post-purchase experience platform,” said it raised a $22 million Series B financing round led by Battery Ventures.
The company also noted that is has experienced “threefold customer growth with new customers including Neiman Marcus, Bass Pro Shops and Net-a-porter.” The platform is now used by 300 retailers involving over 100 million monthly transactions.
The company said Fung Capital along with existing investors Accel and Freestyle Capital also participated in the funding round. The company said in “conjunction with the financing, Roger Lee, general partner of Battery Ventures, will join Narvar’s board.”
Narvar’s platform is centered on the “experience gap,” which is created when the online shopper converts into a buyer and a pleasant, frictionless “front end” shopping experience sours as soon as the buy button is pushed. Narvar extends a positive shopping experience with a positive online fulfillment experience that reflects a brand’s attributes while also nudging the consumer to make additional purchases.
“At Narvar we are on a mission to equip retailers with the tools they need to provide exceptional customer experiences,” said Amit Sharma, founder and chief executive officer of Narvar. “Recognizing that post-purchase — including functions like tracking, shipping, delivery and returns — is the new competitive battleground for commerce, more than 300 of the most admired retail brands have turned to us since we launched just two years ago to engage their customers beyond the moment they buy. This new investment will allow us to double down on sales and marketing, accelerate new product development and solidify customer success efforts as we work to be the industry standard for leading retail brands.”
Lee, a general partner at Battery Ventures, said while “most e-commerce companies have focused on enhancing the ‘front-end’ customer experience — improving the way they interact with a web site while shopping — many don’t have the technology or insights to continue impressing customers after they’ve actually bought something. Narvar’s team has figured this out, and has already built an impressive customer roster.”
Consumers spent more than $1.6 trillion online in 2015, and analysts expect this sum will eclipse $3.5 trillion by 2020. Delivering a premium post-purchase experience has become a new strategic imperative for retailers looking to capture their share of this massive market. Today, when a customer makes a purchase online or on their phone, there’s an “experience gap” from the time they check out to when the product arrives. This is the new moment of truth for online shoppers.
Narvar’s development team includes tech experts from Apple, eBay, Target Corp. and Wal-Mart Stores Inc. Current retail clients include Nordstrom, Sephora, Bonobos, Warby Parker and Home Depot, among many other national and global retail brands.