Dillard’s Inc. is upping its commitment to the Internet.
The department store said Wednesday that it has invested in Acumen Brands, an e-commerce firm based in Fayetteville, Ark.
With a new Internet fulfillment center already in the works, today’s deal marks another step by Dillard’s to grow its online presence.
Under the agreement, Dillard’s invested $4 million in series B preferred stock of Acumen leading a $5 million round of growth financing, which also included participation from existing investors Noro-Moseley Partners, BLH Venture Partners, the Gravity Fund and the Arkansas Risk Capital Matching Fund.
“We are impressed with this young company’s accomplishments in the e-commerce arena to date and we look forward to collaborating with this highly talented team as we further develop our online presence,” Dillard’s president Alex Dillard said.
Founded in 2009, Acumen operates 12 online retailers supported by proprietary software and advanced fulfillment systems. In inking the deal with Dillard’s, Acumen will offer technological marketing services and support to enhance the Little Rock, Ark.-based retailer’s online presence. In turn, Dillard’s vice president Kent Burnett will serve on the Acumen board to provide strategic guidance for the company.
In his role at Dillard’s, Burnett is the company’s senior executive in charge of information technology and e-commerce.