In-store analytics firm RetailNext Inc. has raised an additional $125 million in funding, bringing to $184 million the total amount generated since a round of seed funding dating back to its founding in 2007 as BVI Networks.
The round, the sixth in total for the San Jose, Calif.-based firm, was led by Activant Capital Group and included all major existing investors, including August Capital, StarVest Partners, Nokia Growth Partners, Commerce Ventures, American Express, Pereg Ventures and Qualcomm Ventures.
Siguler Guff & Co. was a first-time investor in the most recent round, after which Steve Sarracino, founder of Activant, was added to RetailNext’s board.
“RetailNext radically redefined the in-store analytics space in 2007 and Activant Capital 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.
The new funding will be used to accelerate growth in new markets, further strengthen the company’s presence in North America, Europe and Asia, and pursue relevant strategic acquisitions, the company said.
In December 2013, RetailNext acquired Nearbuy Systems, a provider of in-store opt-in analytics that provided the buyer with enhanced access to shoppers using m-commerce technologies.
Alexei Agratchev, founder and chief executive officer of RetailNext, said, “This financing represents another important step forward in building RetailNext into one of the biggest and best retail analytics software companies in the world. It extends our world-class retail solutions team and the unique benefits we delier to customers and affords us the flexibility to aggressively evaluate acquisition opportunities.”
RetailNext is privately held and doesn’t disclose revenues. The company currently has 160 retail clients and is introducing its technology in nearly 1,000 stores every month.
The company generated $400,000 in seed financing; $6 million in subsequent Series A financing from individuals; $8 million in Series B financing in in 2011 in a round led by August Capital as a first-time investor, and $15 million in Series C financing in April 2013, when StarVest Partners, Nokia Growth Partners and Commerce Ventures joined the investors’ roster.
Last July, the firm’s Series D round was its largest ever, $30 million, and included first-time investors Tyco, Qualcomm and American Express.