SAN FRANCISCO, CA, Omnyway, the leading augmented digital commerce platform, announced today that it has closed on $12.75 million in Series A funding.
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The funding will be used to help Omnyway grow its operations, launch new services on its current contextual commerce platform, and expand its customer base in the U.S. and worldwide. The round was led by Nyca, CommerzVentures, the venture arm of Commerzbank Group of Germany, and CEFIF, the CreditEase Fintech Investment Fund, a part of CreditEase of China, with participation from Commerce Ventures, Industry Ventures and others.
Omnyway empowers retailers and brands to build an augmented digital commerce ecosystem that brings the power of the virtual world to the shoppers experience in the physical store, using the mobile phone as the bridge for all aspects of their buying journey. The Omnyway platform creates a dynamic digital channel between the retailer and the shopper across all channels of interaction -- in store, online, in-app, virtual aisle and dynamic media, using any smart mobile device. Since the company was founded in 2014, it has established itself as a significant player in retail commerce and continues to see strong interest in its platform. This funding is a milestone that acknowledges Omnyway's momentum to-date and that will set the company up for sustained growth over the long-term.
"To keep up in this fast-moving, mobile-first (and soon, mobile-only) world, retailers need tools that speak to how people want to shop and engage today," said Omnyway CEO, Ashok Narasimhan. "This investment puts us in a great position to build on growth and continue innovating on today's fundamentally different retail experience."
In addition to its digital platform, Omnyway has seen strong interest in its newly launched Zapbuy service for retailers, brands and financial institutions. Zapbuy allows consumers to instantly buy items directly from ads with just one click of the ad. With digital advertising spend projected to be a massive $44.8 billion in 2017, an overwhelming majority of marketers are frustrated with their ROI. In most cases, the path that leads from a consumer view an ad to the actual purchase is inconvenient and full of friction. Omnyway solves this problem with Zapbuy. Shoppers can complete a purchase in a single step, enabling retailers and brands to deliver a seamless buying experience and significantly increase conversion rates, while allowing a customer to stay within the context (e.g., social media) where the customer encountered the ads.
"Every single retailer is seeking ways to make customer experiences seamless, customized, and integrated in-store and across channels," said Hans Morris, Managing Partner of Nyca. "This has turned out to be expensive and difficult, and the flexibility, security, scalability -- and speed to market -- of the Omnyway platform is a compelling solution."
"CommerzVentures supports ambitious entrepreneurs that are driven by the vision of redefining the financial services industry," said Stefan Tirtey, Managing Director of CommerzVentures. "In Omnyway, we see a company thinking creatively about the future of retail in the new world. We look forward to supporting the team as it scales up."
"Mobile devices are driving a radical transformation in the payments space," said Anju Patwardhan, Managing Director of CEFIF. "We are always looking to partner with entrepreneurs and companies that are helping to redefine FinTech and are thrilled to be a part of Omnyway's journey as it expands globally and introduces new payment innovations"
Omnyway empowers retailers, banks and brands to build a contextual digital commerce ecosystem that encourages shoppers to use their mobile phone for all aspects of their buying journey. Through dynamic data-rich interactions, Omnyway delivers personalized and relevant promotions, payment processing, and loyalty rewards in the most contextual way to shoppers, which increases average order value for businesses, as well as customer loyalty. Omnyway is based in San Francisco and led by senior executives with deep experience in payments, mobile, retail and commerce. For more information, visit http://www.omnyway.com, contact info(at)omnyway(dot)com or follow us @Omnyway.
Nyca Partners is a venture capital firm exclusively focused on applying innovation in financial services into the global financial system. Our rich experience and deep connections in both finance and technology give us a unique perspective and ability to help entrepreneurs transform payments, credit models, digital advice, and financial infrastructure. We strive to form truly collaborative partnerships, offering investment capital and expert advice. The investment team is comprised of Hans Morris, Jeff Reitman, and David Sica; with Ravi Mohan as the COO. The Investment Partners are Osama Bedier, Brian Finn, Tom Miglis, and Charlie Songhurst.
Founded in October 2014, CommerzVentures operates as the corporate venture capital fund of Commerzbank Group. We back early- and growth-stage companies in the financial services and insurance sectors. We aspire to invest in the very best players in a given market segment, always pursuing our main objective of generating financial return.
About CreditEase Fintech Investment Fund
Founded in February 2016, CreditEase Fintech Investment Fund is a venture fund investing in growth-stage fintech companies in China and the global markets. CreditEase Fintech Investment Fund has an equivalent of $1 billion in total committed capital. The fund has formed strategic partnerships with global leading venture capital investors to discover opportunities in five sub-segments within the domain of Fintech: Lending, Payment, Personal Finance/Wealth management, Enterprise Solutions and Insurance.