An in-store digital couponing platform built by VisibleBrands seems to be catching on with at least a few retailers and investors.
The Kirkland-based startup today announced a $2.3M Series B round as it prepares to expand its reach outside of Washington.
VisibleBrands’ technology allows grocery stores to display promotions on a shelf-mounted touch-screen device in the supermarket aisle. By using a wirelessly connected cart, users can see relevant deals based on where they are in the store, which are then processed at checkout.
For shoppers, this means no more clipping of coupons or using a mobile app to save money. For retailers, VisibleBrands offers robust back-end analytics data that can measure brand engagement on individual products based on real-time campaign performance, behavior insights and purchase data. The technology also allows stores to reach customers right at the moment of purchasing decision.
The company spent the last year running a field test with a retailer in Spokane, Wash., which validated the viability and potential of VisibleBrands’ product.
Investors that have already backed VisibleBrands participated in the Series B round, which include angels from Seattle and the San Francisco Bay Area and former executives who have worked at companies such as aQuantive, Morgan Stanley, Black Rock and others. Total funding to date is $7 million.
The company also appointed co-founder and former CTO Tim Belvin to CEO. Belvin replaces fellow co-founder Tim Morton, who is no longer with the team but still is a significant stockholder.
