YOOBIC, whose platform provides real-time monitoring of retail operations, has just secured $25 million of new funding. The round was led by Insight Venture Partners, a New York-based investment firm, and was joined by the previous investor Felix Capital, who led YOOBIC’s Series A in November 2016.
Headquartered in London and founded in 2014, YOOBIC is a mobile-first solution that helps retailers improve in-store operations (such as promotions and visual merchandising) and simplify communication between HQ and stores in order to provide a better and more consistent customer experience.
The fresh capital will be used to fund the company’s growth plans, with 100 new employees brought on board in London, Paris, New York and Tel Aviv within the next year, strengthening its sales & marketing, project management, R&D and product development teams. It will also finance the development of new product capabilities, and expansion into the US, with a New York office opening in September of this year.
YOOBIC is used by more than 100 leading retailers across the world. The solution is used in more than 200,000 stores in 44 countries. Its clients include fashion brands such as Lacoste, The Foschini Group and The Kooples, grocery retailers like the Casino Group and Aldi UK, automotive brands such as Peugeot and Citroën, as well as multiple luxury brands.
Fabrice Haïat, CEO and Co-founder of YOOBIC, commented: “YOOBIC is growing very quickly. We had revenue growth of 143% from 2016 to 2017. We’ve doubled the size of our team in the last 12 months and we now have 100 employees. We are the leading retail operations solution in Europe. Each month, more than 100,000 tasks are performed by our clients in our application.”
He further explained: “Our priority is to continue improving our solution to help our clients provide their customers with an excellent shopping experience in every store, while making them more profitable. The digitisation of the store is a priority for every retailer, alongside streamlining internal operational processes and communications to make them more efficient. This benefits the entire organisation as it helps store teams save time by making their day-to-day job easier and decreases operational costs.”
Jeff Lieberman, Managing Director of Insight Venture Partners, stated: “The YOOBIC team has created a best-in-class product offering and we are looking forward to working on the company’s future and expansion in the US. We believe solutions like this will become a must-have for retailers, and that YOOBIC has the opportunity and the potential to become the leader of its category.”
