RetailNext, a leading technology provider of retail analytics, announced on May 7, 2021, that it received a $42 million investment from Colbeck Capital. The newfound capital will allow RetailNext to further optimize shopper experiences for its clients with a leading edge IoT approach. The investment comes on the heels of record growth in the first fiscal quarter of 2021. Colbeck’s backing will also help RetailNext accelerate its implementation of more robust retail data infrastructure for struggling brick-and-mortal companies.
Retailer need for data on shopping behavior greatly increased during 2020 in order to surmount challenges presented by changes in volume, preferences, and compliance with CDC guidelines. Obtaining this data proved particularly challenging for brick-and-mortar retailers who lacked the insights that are first nature to eCommerce operations. Alexei Agratchev, CEO and Cofounder of RetailNext, commented on the effect of the COVID-19 pandemic on retailers, “There is no question that the pandemic accelerated the need for retailers to have more precise and reliable data on the real-time condition of their stores.”
As many of RetailNext’s customers look toward the future and lifting COVID-19 restrictions, demand for additional data analytics is soaring. With strong growth to kick off the year, RetailNext is poised to carry this rebound throughout 2021. Agratchev added that RetailNext is grateful for the opportunity to partner with Colbeck and thrilled with the potential for additional growth that the capital investment provides.
Jason Colodne, Co-founder of Colbeck Capital, expressed confidence that the investment in RetailNext will make a positive impact in retail analytics and retail store health. He said, “We saw a gap in the market during COVID, and RetailNext clearly established themselves as a leader in retail analytics.”
About RetailNext
RetailNext (formerly BVI Networks) was founded in 2007 by Cisco Systems engineers. They recognized that brick-and-mortar retailers needed business intelligence to perform analytics on their in-store data if they were to remain competitive with eCommerce retailers. RetailNext’s founding team created an analytics platform to address this exact need. The result is the world’s most advanced in-store analytics platform capable of addressing the unique needs of physical retailer locations.
RetailNext is based in San Jose, California, where it receives the support of proven technology providers including:
- Accenture
- Cisco
- IBM
- Intel
- Motorola
- Oracle
- Palm Computing
- Salesforce
- Symantec
- VeriSign
RetailNext partners with retail brands to help them measure store performance and identify growth opportunities. The company also assists partners in implementing strategies that drive bottom-line sales and capital savings. Some of these notable retailers include:
- Bloomingdales
- Colgate
- Saks Fifth Avenue
- Tiffany & Co.
- Lancôme
- L’Oreal
- Macy’s
- Polo Ralph Lauren
- Tommy Hilfiger
- Unilever
A Closer Look at the RetailNext Platform
RetailNext is a pioneer in optimizing shopper experiences, providing the first retail vertical Internet of Things (IoT) platform that brings shopper analytics from an eCommerce environment to brick-and-mortar stores. This centralized SaaS system automatically collects data on buyer behavior and analyzes it to provide retailers with the insight needed to improve shopper experiences in real time. This benefit allows retailers to increase in-store sales, reduce costs and mitigate liability risks.
The RetailNext platform uses a patented design that makes it robust and scalable. Its capabilities include best-in-class video analytics and the detection of mobile devices via Wi-Fi networks. It also integrates data from a variety of sources to determine how customers engage with stores including point-of-sale, staffing, promotional calendar and weather service systems.
The platform analyzes this data to show how each factor influences shopping behavior, providing retailers with the tools to measure success, identify opportunities for growth and implement changes to meet goals. Over 450 retailers throughout the world have adopted RetailNext’s platform as of May 2021, giving them a better understanding of their shoppers’ journey towards a purchase.
About Colbeck Capital Management
Colbeck Capital Management (www.colbeck.com) is a strategic lender that partners with companies during periods of transition, providing creative capital solutions to meet their evolving needs. Founded in 2009 by Jason Colodne and Jason Beckman, Colbeck’s principals have over 75 years of experience managing credit investing businesses and have underwritten over $22 billion in total loan volume. Colbeck has offices in New York City and Los Angeles.
