Mobile retail platform NewStore Inc. announced it has secured $38 million in funding, with General Catalyst Partners as the lead investor. NewStore, the third major e-commerce venture by the company’s Founder and CEO Stephan Schambach, provides a high-conversion mobile commerce solution designed to unify offline and online buying experiences.
The cloud-based commerce platform aims to bridge the gap between traditional brick-and-mortar retailers and the mobile market with a system that can easily integrate with existing platforms such as Demandware.
“Retailers have seen an increase in mobile traffic, yet conversion rates remain low. This means mobile has untapped potential for retailers, and that’s where NewStore comes in,” Schambach said in a press release.
The startup already has support from major luxury player LLX Global Business Services SA, who provide business services to brands such as Jimmy Choo, Bally and Belstaff.
Schambach added, “It’s clear to me that mobile represents the next major inflection point.” He continued, “What’s more, mobile is the only way to truly master omnichannel. The combination of mobile and omnichannel into a single, powerful and customizable retail platform will shatter expectations for mobile commerce, making mobile shopping apps more popular than traditional commerce websites.”