Scanbuy Completes Latest Financing With an Oversubscribed $5 Million Round
Existing Investors including Motorola Solutions and Hudson Ventures Show Strong Support for Scanbuy
NEW YORK, April 20, 2011 /PRNewswire/ -- Scanbuy, Inc. (www.scanbuy.com), the global leader in mobile barcode solutions, today announced that it has raised an additional $5 million to complete its latest round of funding. Investors for the round include Motorola Solutions Venture Capital, Hudson Ventures and a number of existing private investors.
With a 1600% increase in barcode scanning in 2010, the round was oversubscribed by the existing investors, showing strong confidence in the company's growth. Recent partnerships with major brands such as Home Depot, Miller/Coors, Bloomingdale's, and thousands of small businesses has fueled the adoption of the company's technology in the past few months. The push into additional international markets, such as France, Mexico and the UK, has also helped increase Scanbuy's market share which sees scans from over 30 countries around the world every day.
The company's ScanLife mobile app has been loaded on over 35 million devices and is increasing steadily with preloads and tens of thousands of downloads per day. It now sees millions of scans of both 2D and 1D barcodes every month through its system. The average active user scans 3-5 times a month, and half of the traffic comes from scans of UPC codes (1D barcodes) found on products which lead to purchases, coupons, and local pricing information. Codes issued through the ScanLife platform are uniquely differentiated in the variety of actions that they support, their updatability after they are printed and their interoperability to be read by all major open format 2D barcode reader applications.
"It's an extremely exciting time in the mobile barcode industry for so many reasons," said Mike Wehrs, CEO and President of Scanbuy. "The fact that we were oversubscribed, raised the investment limit and were oversubscribed again in our latest round of funding is a huge testament to the strength of our products which we have built from the ground up to carrier grade scale over the last four years. The funding we're receiving from investors is a strong sign of the positive response we're obtaining from an increasing number of customers who use our products and their confidence in our growth initiatives. We look for this trend to continue as we reach more consumers worldwide."
The additional funding Scanbuy is receiving comes at a time when the company has just announced their partnership with Home Depot, one of the largest barcode deals ever. Scanbuy also has over 10,000 business accounts which are using the ScanLife platform to manage and track their barcode campaigns.
"We're impressed with the leadership in the company as well as the tremendous increases in all the key business metrics including scans, codes deployed, customer accounts, preloads and downloads of Scanbuy's app and, of course, revenue," said Tony Palcheck, managing director, Motorola Solutions Venture Capital. "Scanbuy is differentiated by the ability of its application to work on all major mobile platforms and scan all major code symbologies, and for its campaign management platform to provide retail and brand customers with unique, insightful data and analytics to improve their advertising ROI. Of course, it all starts with giving the mobile users a fun and educational way to engage with products inside the retail environment and beyond."
"We're very pleased with the significant increase Scanbuy has made in multiple fields, particularly brand adoption, and growth in consumer use," said Bill Carson, Managing Director of Hudson Ventures. "It's exciting to see both large and small businesses incorporate this technology in their marketing and sales programs. With Scanbuy's ambitious plans for expansion and innovation, we expect they will continue to be the top player in the industry for years to come."
Scanbuy is the leading global provider of mobile barcode solutions that use the camera phone as the link between the physical world and the digital world. The ScanLife solution consists of a multi-barcode reader application and interoperable Code Management Platform. With local offices in eight countries around the world, the technology has been successfully deployed and supported by leading mobile providers and handset manufacturers in the United States, Mexico, Chile, Spain, Italy, Denmark, the UK and France. Media companies and marketers use the solution to create and manage measurable 2D barcode campaigns, extending brand engagement onto mobile devices.
Scanbuy has the largest and oldest patent portfolio of any company in the industry, with over 30 patents granted covering the entire solution. The company's investors include Motorola Solutions Ventures Capital, Hudson Ventures and Masthead Venture Partners.
Kathrine Dela or Valerie Christopherson
Global Results Comms (GRC)
+1 949 608 0276 (ph)
SOURCE Scanbuy, Inc.
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