Omnichannel store solution provider NewStore said it received a “Series B-1” funding round totaling $45 million, which it will use “to fuel its go-to-market strategy, expand globally, speed product development and increase employee headcount.”
NewStore said in a statement the strategic investment “comes after the company saw significant global growth in the first half of 2021, in which it grew its SaaS [software as a service] revenue over 100 percent year-over-year.” The company said its revenue wins also expanded the company’s geographic footprint. The platform is now used in 20 countries in North America, Europe and the Asia Pacific.
The company’s growth was also driven by brands and merchants seeking to improve omnichannel capabilities to meet consumer demands. Stephan Schambach, founder and chief executive officer of NewStore, said 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.”
“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,” he said. “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.”
Schambach is a pioneer in the retail technology and e-commerce space having previously founded Demandware Inc. in 2004, which was the first cloud-based e-commerce solution. Demandware was acquired by Salesforce in 2016 for $2.8 billion. Schambach founded NewStore in 2015.
The NewStore solution is positioned as a fast and flexible platform that is easy to use. Merchants can use it for inventory management, clienteling, store fulfillment, mobile checkout and “endless aisle” e-commerce. It’s also a scalable solution. “As the retail industry realizes the promise of omnichannel, NewStore is positioned to support brands of all sizes,” the company said, noting that the platform “was built from day one as a native SaaS, cloud-based solution.”
Aside from robust revenue gains this past year, NewStore said it has had a number of “customer wins,” which include signing deals with Burton Snowboards, Unified Commerce Group’s Frank and Oak, Marine Layer, Faherty Brand and Goorin Bros, among others.