Wishabi announced today that they have secured a $15 million Series B financing round from Insight Venture Partners. The new capital will be used to accelerate the development and deployment of new technology and for continued rapid growth in the U.S. market.
Retailers today spend an estimated $18 billion to print and distribute advertising flyers, also known as circulars, through direct mail and in daily and weekly newspapers. Using Wishabi's digital circular platform, retailers now are delivering hyper-local, hyper-personal flyers to current and prospective customers. The technology uses deep integration with retailer databases to digitally distribute circulars direct to consumers and through premium media partners - including MSN, Chicago Tribune, Los Angeles Times and CBS.
"Over the past three years, we've built a platform that allows retailers to reinvent their circulars for the digital and mobile age and to evolve their circular experience for today's digitally-minded consumer," said Wehuns Tan, CEO of Wishabi. "This investment will allow us accelerate our product development as we continue our mission to help retailers increase sales of the right products via the right advertising."
Insight Venture Partners has been active in Canada of late - they led the massive financing round in HootSuite last month. "Wishabi has pioneered a pivotal shift in how retail circulars are distributed and read online, and on mobile devices," said Alex Crisses, Managing Director at Insight Venture Partners. "As consumer shopping behavior evolves, Wishabi has its finger on the pulse of how digital technology can be used to help retailers and advertisers reach a digitally-savvy consumer. Wishabi's market leadership continues to expand, and Insight is excited to support management vision."
Wishabi was founded in 2007 with offices in Toronto and New York.