Wishabi has secured a USD15m series B financing round with Insight Venture Partners.
The new capital will be used to accelerate the development and deployment of new technology and for continued rapid growth in the US market.
Retailers today spend an estimated USD18bn to print and distribute advertising flyers, also known as circulars, through direct mail and in daily and weekly newspapers.
Using Wishabi’s digital circular platform, retailers now are delivering hyper-local, hyper-personal flyers to current and prospective customers. The technology uses deep integration with retailer databases to digitally distribute circulars direct to consumers and through premium media partners – including MSN, Chicago Tribune, Los Angeles Times and CBS. Retailers using Wishabi’s platform currently reach hundreds of millions of consumers annually on a range of digital devices.
"Over the past three years, we’ve built a platform that allows retailers to reinvent their circulars for the digital and mobile age and to evolve their circular experience for today’s digitally-minded consumer," says Wehuns Tan, chief executive of Wishabi. "This investment will allow us accelerate our product development as we continue our mission to help retailers increase sales of the right products via the right advertising."
"Wishabi has pioneered a pivotal shift in how retail circulars are distributed and read online, and on mobile devices," says Alex Crisses, managing director at Insight Venture Partners. "As consumer shopping behaviour evolves, Wishabi has its finger on the pulse of how digital technology can be used to help retailers and advertisers reach a digitally-savvy consumer. Wishabi’s market leadership continues to expand, and Insight is excited to support management vision."
