CHICAGO, Oct. 22, 2018 /PRNewswire/ -- ShopRunner, the free two-day shipping and seamless payment e-commerce network connecting hundreds of retailers with millions of consumers, announced today that August Capital has led a new funding round as the company accelerates growth and increases its investment in data science and product development.
"As our industry continues to endure unprecedented disruption, over the last two years we have transformed the ShopRunner business to deliver a thriving community of discovery, expression, and commerce by powering extraordinary shopping experiences that connect customers to the brands they love," said Sam Yagan, ShopRunner's CEO.
The August Capital $30m investment comes on the heels of robust member growth, anchored by the acceleration of ShopRunner's long-term relationship with American Express, and the launch of new partnerships, including Paypal. David Hornik, General Partner at August Capital and now member of ShopRunner's Board explained the investment: "I've made many investments in e-commerce; ShopRunner's position in the ecosystem gives it plenty of room to grow, especially as it adds even more value to its members and retailers."
"Since founding the company in 2010, I've always believed in ShopRunner's potential to have tens of millions of members spending tens of billions of dollars in its network," said Michael Rubin, Founder & Chairman of ShopRunner. "Our business momentum combined with our strengthened balance sheet sets up to have an explosive 2019."
ShopRunner will use the new capital to invest in its retail partnerships and make acquisitions to accelerate both member growth and product development. These activities will ultimately increase the breadth and depth of ShopRunner's offerings. "I truly value our strategic partnership with ShopRunner; throughout our relationship, they have added considerable incremental value, continually innovating and bringing new customers and new products to our business," said Amy McManus, Vice President of E-Commerce at Kate Spade & Company.
To accelerate its growing ambitions, ShopRunner will relocate its Chicago headquarters to 350 N. Orleans Street, a larger space at the intersection of the North and Main Branches of the Chicago River, and increase its headcount at both HQ and its founding office in Conshohocken, PA.
In addition, Miki Berardelli, CEO of Kidbox and member of the Board of Directors of the National Retail Federation, has joined ShopRunner's Board. Bringing almost twenty years of retail experience and invaluable industry perspective to the company, Ms. Berardelli said, "I believe in the need for retailers to aggregate scale and benefit from access to new customers and technology solutions. ShopRunner has the unique position in the market to emerge as a powerful cross-retailer platform and I look forward to helping fuel the growth of the network."
As the premier e-commerce network, ShopRunner offers its members free two-day shipping, free returns, and seamless checkout. Spending billions of dollars in the ShopRunner network annually, ShopRunner's millions of members prove every day that retailers can attract the highest value customers by offering free, fast, and convenient login, shipping, and checkout options. ShopRunner's network partners include Neiman Marcus Group, Hudson's Bay Company, Kate Spade & Company, & Cole Haan, and over one hundred others.
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