Tue, 02/09/2014 - 14:00
Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts, has made a USD4 million (GBP2.4 million) commitment to InContext Solutions as part of a USD12 million round.
In Context is a web-based company providing three dimensional virtual store research, simulations and software to manufacturers and retailers, including blue-chip customers such as Coca-Cola, Procter & Gamble and Dannon.
Beringea’s US affiliate, Beringea LLC, also participated, leading the round with its USD5 million (GBP3.02 million) investment, with further funding from US-based Plymouth Venture Partners, Hyde Park Venture Partners and other inside investors.
With this latest funding, InContext Solutions plans to grow and expand its virtual simulation and research presence worldwide.
Karen McCormick, partner at Beringea, says: “The growing market familiarity with 3D technology is fueling the demand by retailers and manufacturers for more realistic virtual testing environments. We are excited to partner with our US office to help bring InContext’s industry-leading online visualisation tools to the European market. We are delighted that our initial introductions to top UK retailers have led to several opportunities.”
Mark Hardy, CEO of InContext Solutions, says: “We are seeing continued growth from current clients as virtual continues to gain traction in the market. With this funding round, we will be able to exponentially boost our growth and offer enhanced virtual solutions for clients. Our plan is to increase our dedicated and knowledgeable staff, invest further in our ShopperMX technology, and support expansion into Europe.”
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