Mobile coupon platform retailcommon has raised an additional $250,000 in funding from its current shareholders. The Toronto startup will use the money to "execute on the company's current sales plan and to capitalize on emerging global opportunities."
Retailcommon's software as a service allows consumer products or services companies to create and deliver mobile coupons, promote to existing and new customers through digital and legacy media, and track response and redemption data. Retailcommon has run pilots with retailers in Canada including The North Face and "is in final negotiations" to launch their mall platform with shopping centre owners in the U.K. and Netherlands.
"Over 8 million people in Canada now own smartphones," says James Cunningham, retailcommon Director of Business Development. "With similar figures in other countries, the market for mobile solutions is growing daily and is about to hit the hockey stick curve as smartphone penetration increases. The flexibility and ease of use of our platform is something that will capitalize on this explosion, adding value for businesses, consumers and our shareholders."
Retailcommon differentiates itself by utilizing a system in which consumers "need only tap a link on their smartphone to access the coupons" while the advertiser can "fully control pricing, margin, content, and distribution as well as customer and tracking data."