AreaMetrics, a Seattle-based consumer analytics platform for brick and mortar retailers, has secured a USD2 million seed round of financing led by early stage venture capital firms Startup Capital Ventures and Quest Venture Partners.
Other early stage investors, including Seraph Group, Social Starts, and previous angel investors, also joined the round. The new capital will allow the company to rapidly expand the reach of its consumer insight, onboard national retailers, and add key members to its executive team.
AreaMetrics is a customer intelligence platform that helps retailers generate more revenue by understanding customer interests, preferences, and shopping patterns. The AreaMetrics solution allows merchants to easily derive actionable insights from a wealth of previously untapped data, unlocking valuable knowledge on the success of their marketing and advertising campaigns – leading to better business decisions and increased revenue.
“Big-box retailers that partner with AreaMetrics have a powerful advantage over their competition. This financing allows us to further improve the efficiency and strength of our offering as we work to empower our customers with cutting-edge technology and excellent service,” says Brandon Bennett, Co-Founder and CEO of AreaMetrics.
“The retail analytics market is growing, and will continue to grow as new technologies transform the brick-and-mortar business landscape. Our investment in AreaMetrics reflects our belief in the founding team, their ability to build a unique product employing an equally unique approach, and their vision for helping retailers engage with customers in meaningful ways," says Donavan Kealoha of Startup Capital Ventures. Kealoha joined the AreaMetrics Board of Directors in January 2016.
AreaMetrics was founded in 2014 in Honolulu, Hawaii, where the team was part of the Blue Startups accelerator. The company relocated in January 2016 to Seattle, Washington to take advantage of the plentiful talent, booming startup ecosystem, and access to business development partners. AreaMetrics is headquartered in the WeWork at Westlake Tower, one of Seattle’s innovative co-working spaces.
“We are impressed with the privacy-sensitive, yet scalable, approach that AreaMetrics took to collecting retail consumer behaviour,” says Maarten Hooft of Quest Venture Partners. “We believe analytical data is the next must-have for retailers, and that AreaMetrics is the premier solution in this valuable category.”
