Nearbuy Systems has secured a USD1 million round of financing led by Motorola Solutions Venture Capital, Eric Schmidt’s Innovation Endeavors, and Metamorphic Ventures. The funding will be used to accelerate the development and deployment of Nearbuy System’s software into major retail stores.
With what is often described as the "holy grail" of in-store marketing — knowing a shopper’s precise location within the store — Nearbuy Systems allows retailers to bring their product promotions to the shopper where it makes the most sense and where most purchase decisions are already being made, within the aisle of the store. For years now, these large format retailers have been trying to better understand where their shoppers are located so that they can provide better service, more timely marketing promotions, and gain a better understanding of how the store is actually utilised. With the explosion of smartphones it is now possible for the retailer to connect to the shopper via an opt-in WiFi connection and offer exciting new services like in-store navigation, concierge ("help" button) services, and targeted marketing offers based on the exact location of the shopper.
"We are very excited to be working with such a great group of investors who add a tremendous amount of value through their networks, experience in building start-ups, and their position in the marketplace," says Bryan Wargo, Co-Founder and CEO of Nearbuy Systems.
"Indoor micro-location for shoppers and employees is a compelling solution for retailers. What attracted us to Nearbuy is the location accuracy of their solution coupled with the fact that it utilizes the retailer’s existing Wi-Fi and camera infrastructure and can be implemented quickly," says Reese Schroeder, Managing Director at Motorola Solutions Venture Capital. "We are really excited about what Nearbuy Systems is building and look forward to finding opportunities for collaboration. Motorola Solutions Venture Capital will continue to aggressively seek out innovative next-generation retail solutions. "
