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The Irish retail technology company Pointy has raised $ 12 million as the company seeks to accelerate its growth.
The new funding comes after a $ 6 million round of funding last September and a first round in March 2015. 19659002] The last round was led by Polaris Capital, with Vulcan Capital also participating. Among the company's investors are Draper Associates, Frontline Ventures, the founder of WordPress Matt Mullenweg, co-founder of Google Maps Lars Rasmussen, co-founder of Transferwise Taavet Hinrikus and co-founder of Bebo Michael Birch
Founded in 2014 by Mark Cummins and Charles Bibby Pointy gives small retailers a way to make their stock visible online without having to invest in a complete ecommerce system. The app redirects buyers to places where particular items are available locally, rather than pushing them to e-commerce giants such as Amazon.
Retailers connect the "Pointy Box" to the store's barcode scanner. The device is pre-coupled with the Pointy website. Once the retailer starts using the scanner, the system uses algorithms and machine learning to estimate inventory levels.
"Activity Leak"
"We are growing quite fast in the United Kingdom, the United States and Ireland. will help us grow to meet this demand, "said Cummins." People spend a lot of time searching for products online. Small shops do not have much visibility online. They are fleeing business. This series B tour will help us bring more online.
"Startups are an uncertain journey, you never really know what's going to happen, it gives us room to do things right."
The company has signed several partnerships this year, with Lightspeed, Clover, and Square outlets to get more online stores, and he collaborated with Google last month on the new feature "See what's in store."
"The Ingenuity of the Pointy solution does not match that the size and magnitude of the market opportunity, "said Noel Ruane." The partnerships that Pointy has developed with companies like Google and Square testify to the capabilities of Pointy. "
Visible online
The majority of spending still being made in local stores, Pointy helps these stores become visible online Cummins said in research that buyers were turningoften to online stores because they do not know where to source locally.
Pointy says that 5,500 retailers are now using the service across Ireland, the United States,
Canada and Great Britain
"For all the hype around e-commerce and the media narrative of 'Retail Apocalypse', people still make the vast majority of their purchases at local stores." But local retailers have lost the Visibility of their products online – we solve this problem for them, "said Cummins.
Expansion
The company, which recently moved to new offices in Dublin, is expanding its workforce. The firm says that 5,500 retailers now use the service in Ireland, the United States, Canada and Great Britain. Three quarters of them are in the United States, with the recall between Canada, Britain and Ireland.
"We only touch the surface," said Cummins.
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