SnapRetail, a Pittsburgh-based software company that helps independent retailers and their vendor partners leverage social media and electronic marketing to connect with consumers and increase sales, has announced the closing of $6 million in Series A venture capital funding. Adams Capital Management led the round with $2.25 million in funding in a deal that includes investments by the firm’s entire senior management team.
“We are thrilled with the infusion of capital being announced today and the opportunities it presents for growth,” said Ted Teele, CEO of SnapRetail. “SnapRetail offers tools that enable independent retailers and their vendor partners to more effectively ‘sell through’ their products to consumers. Today’s announcement allows us to develop a series of revolutionary new products to help independent retailers and the vendors prosper in this digital age. We are excited to partner with Adams Capital Management, a top venture capital firm with an extensive track record of helping companies like ours be successful.”
The funds will be used to fuel the company’s rapid growth including the development and launch of a series of software products. These products help SnapRetail’s gift and home décor retailers drive traffic to their stores and websites using digital marketing and boost sales for their vendor partners. Launched in November of 2010, SnapRetail’s TrafficBuilder is a content management and marketing platform that helps retailers promote new products to their customers through email and social media. TrafficBuilder makes it simple by offering a rich library of pre-created templates and a wealth of images provided by the vendors. And, the company offers a unique deal platform that allows vendors to offer discounts to consumers while simultaneously driving consumer traffic to participating retailers.
“SnapRetail attracted us with their exclusive relationships, ability to aggregate and distribute product and marketing content, and their vision of helping retailers with digital marketing and sales,” explained Nikhil Sinha, Venture Partner at Adams Capital. “The company has a management team that offers a rare blend of functional expertise in software development as well as deep industry experience.” Nikhil will join SnapRetail’s board of directors.
SnapRetail has already been adopted by many of the industry’s leading brands including Vera Bradley, Midwest-CBK, Mud Pie and Yankee Candle. With thousands of retailers and nearly 100 vendor partners to date and daily growth among both audiences, SnapRetail is the fastest growing technology provider in the independent retailer/vendor industry.
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