Retail tech firm Yoobic closes $5.3m Series A investment
Platform that allows retailers to monitor and improve operations in their stores will use funding to double the size of its team and launch US operations
Yoobic, the retail technology start-up, has landed $5.3m in Series A funding led by London-based venture capital (VC) firm Felix Capital.
Founded in 2014, London-based Yoobic's mobile app is a retail operations platform that enables retailers to ensure they are compliant with brand standards, monitor promotional execution, gain insights into merchandising guidelines, and oversee the changing of window displays.
Store teams can receive instructions on tasks and guidelines via the app and send execution reports and photos back to regional and central headquarters.
The 50-strong company, which also has bases in Paris and Tel Aviv, claims to have seen 400% annual growth over the last two years and is used by 40 retailers including Lacoste, Etam, C&A, Carrefour, Casino, as well as Fnac-Darty and Peugeot.
The funding will enable Yoobic to accelerate development, with plans to double the size of its team over the next 12 months and open offices in the US.
Fabrice Haïat, co-founder of Yoobic, commented: “This fund-raising from Felix Capital is an exceptional opportunity for Yoobic.
“Fréderic Court is one of the most successful investors in Europe, with true retail expertise. In addition to the funds raised, we wanted to surround ourselves with a team able to support us in our fast growth.”
Court, of Felix Capital, added: “We were won over by the experience of the founders, the quality and the complimentary skill-set of the team but also the maturity of the solution.
“The hyper growth of the company, its artificial intelligence technology and its international ambition immediately made YOOBIC an obvious choice for our investment portfolio.”