Venture Capital News: Zmags Closes $7M
BOSTON, MA, Leading provider of rich media mobile and social merchandising announced that it has secured $7 million in financing from Square 1 Bank and from existing investors OpenView Venture Partners and Northcap Partners.
Zmags, the leading provider of rich media mobile and social merchandising, today announced that it has secured $7 million in financing from Square 1 Bank and from existing investors OpenView Venture Partners and Northcap Partners.
The financing arrives as Zmags continues to add innovative world-class retailers and consumer brands to its customer portfolio, including Kenneth Cole, Express and Tesco. These companies are using Zmags' CommercePro to design brilliant and consistent marketing and merchandising campaigns across social, mobile, tablet and ecommerce platforms.
Zmags is one of the fastest growing technology companies in North America, ranking #70 on the Deloitte 2011 Technology Fast 500, with 1,730 percent revenue growth since 2006.
This latest round of financing will enable Zmags to continue its global development plans for CommercePro, its SaaS platform that integrates commerce transaction capability directly into the digital merchandising and catalog environment and relieves retailers from the burden of IT constraints.
Zmags' CommercePro is driving as much as a 500 percent increase in page views, more than 40 percent lift in order sizes, and 100 percent increase in conversions, significantly augmenting the results of retailers' and brands' core e-commerce platforms.
With this proven performance, coupled with the explosive growth of mobile, social and tablet commerce, demand for Zmags' CommercePro has exceeded expectations. The new round of financing will enable Zmags to further fast track its product development, client services and strategy, enabling the company to fully capitalize on this exploding market opportunity in the new year.
Zmags anticipates closing an additional growth equity round in 2012, with a leading global private equity firm that has significant retail and brand experience, to support future expansion and strategic acquisitions.
"This additional financing supports our pioneering position in the rich media merchandising space, especially in tablet, mobile and social commerce," said Michael Schreck, CEO and President, Zmags. "The immersive 'shopping discovery' experience that our platform uniquely delivers leverages the intuitive navigation millions of consumers now adore with the tablet (particularly the iPad). Our flagship offering, CommercePro, along with our full suite of SaaS offerings, provide the most advanced rich media merchandising platform on the planet, already serving global leaders including Kenneth Cole, Tesco, Ikea, Express, Neiman Marcus, Laura Ashley and literally thousands of others."
"The tablet and social commerce markets are booming. We look forward to continuing to support Zmags' rapid growth and momentum as the preferred platform for top global retailers and brands looking for the best way to truly engage their consumers across all these new mediums," said Firas Raouf, Venture Partner, OpenView Venture Partners.
"Zmags' SaaS technology is squarely in the sweet spot of the mobile, tablet and social commerce areas," said Bob Foley, managing director, Square 1 Bank. "We look forward to further supporting their innovative management team and ongoing development of the company."
Zmags helps thousands of the world's most progressive global retailers and brands design brilliant and consistent marketing and merchandising campaigns across social, mobile, tablet, and e-commerce platforms, driving product discovery and inspiring impulse purchase(s). Using the Zmags on-demand rich media merchandising platform, leading brands have measurably and dramatically increased customer engagement, conversion rates, order size and brand loyalty without the burden of IT constraints. Zmags is among the fastest growing technology companies in North America, ranking #70 on the Deloitte 2011 Technology Fast 500. Zmags is headquartered in Boston, MA. with European offices in London and Copenhagen.
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