At Swirl Networks— whose software markets products to consumers' mobile devices, based on their proximity indoors—a roster of big-name retail customers have already signed on, including Lord & Taylor, Urban Outfitters, Alex & Ani and Timberland, to name a few. And now, the Boston-based company has pocketed $18 million in funding from Twitter, Hearst Ventures and SoftBank Capital, with Longworth Venture Partners also contributing. This Series C round brings the total funding Swirl has raised to date to $32 million.
The company says this new capital will be used to boost Swirl’s sales and marketing operations, and to “fuel aggressive investment in product innovation to meet accelerating demand from major retailers and brand advertisers for beacon-powered indoor mobile advertising.”
“With the most sophisticated platform, strong retailer adoption and clear strategic vision, Swirl is uniquely positioned to lead this rapidly emerging market,” said Ron Fisher, Managing Partner at SoftBank Capital and a director of SoftBank Corp, in a news release. “We are excited to continue to back the Swirl team as they bring this powerful new capability to the world’s top retailers and brands.”
A range of retailers, advertisers and publishers use Swirl’s platform — which leverages Bluetooth Low Energy and Apple’s iBeacon technologies — and allows those firms to deliver relevant digital content to consumers’ smartphones while they’re shopping in a particular area of the store, thus ideally influencing their purchasing decisions. In a recent study conducted by Swirl, 60 percent of shoppers opened and engaged with beacon-triggered content, and 73 percent of shoppers who received that content were more likely to buy something during their store visit.
Screenshot via Swirl.
