TORONTO and NEW YORK, Sept. 5, 2013 /PRNewswire/ -- Wishabi, a leading technology company whose digital circular platform is used by top retailers across North America, today announced a $15 million Series B financing round with 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. Retailers using Wishabi's platform currently reach hundreds of millions of consumers annually on a range of digital devices.
"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."
Wishabi's tremendous momentum has been driven by consumer desire to save money and also have a seamless shopping experience, whether online, in-store, or on a mobile device. Wishabi's solution retains the design and beauty of print infusing it with the dynamic, interactive nature of digital technology to create an enjoyable and powerful shopping experience.
"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 is a leading technology company that has reinvented the digital circular experience via patent-pending native distribution technologies. Inspired by the beauty and ease of print media and the real-time interactivity of personalized digital content, Wishabiʼs mission is to fundamentally improve how people discover, view and share circular content across all devices and platforms. Retailers including Macy's, PetSmart, Sports Authority and Dollar General use the Wishabi platform. Wishabi was founded in 2007 with offices in Toronto and New York. For more information, visit Wishabi.com.
About Insight Venture Partners
Insight Venture Partners is a leading venture capital and private equity firm investing in on-premise and SaaS-based software, eCommerce, internet and data-services companies. Founded in 1995, Insight has raised more than $5 billion and made more than 150 investments worldwide. Our mission is to find, fund and work successfully with visionary executives who are driving change in their industries. We provide founders with practical, hands-on growth expertise to foster long-term success. For more information, visit insightpartners.com.
SOURCE Insight Venture Partners