Statflo, a sales acceleration platform built for indirect and direct retail stores, today announced it raised $12 million in Series A funding, bringing its total capital raised to $16.5 million. Elsewhere Partners led the round, joined by existing investors Round13 Capital and Globalive Capital, as well as new investors Generation Ventures and automotiveMastermind co-founders Johannes Gnauck and Marco Schnabl. Additionally, Sam Kentor of Elsewhere Partners and Laura Lenz, partner at Generation Ventures, will join Statflo's Board of Directors.
"This investment demonstrates the market demand for Statflo's data-driven technology for wireless retail," said Kevin Gervais, Statflo CEO. "Retail workers are looking for ways to drive more traffic and transactions. Personalized interactions are key to driving sales, and our platform gives those retailers the technology to make things personal."
"This round of financing will enable Statflo to accelerate development of our intellectual property and provide sufficient capital for the foreseeable future," Gervais added.
Statflo is a one to one (1:1) compliant outreach tool that allows wireless and technology retail stores, along with their indirect channels, to proactively drive more store traffic. On average, stores see a double-digit increase in sales in the first 60 days.
With Statflo, store associates can start local and personalized customer conversations whenever traffic is slow. As a result, brands add human-to-human conversations as a key part of the customer journey, building an intimate experience before and after every sale.
The company has deployed into national retailers and Tier 1 telecom carriers. Statflo recently graduated from the Salesforce Accelerate program in April 2018.
"Statflo is changing the way retail stores and brands retain and grow relationships with existing consumers," said Gervais. "Our company continues to grow at a record pace, having launched with 51 new customers in the last year and generating an incredible 10X or higher ROI for our customers. We are pleased to have Elsewhere and Generation Ventures join our mission in redefining the human retail experience."
"Helping sales personnel create personalized customer experiences is what drives our success at automotiveMastermind and what we believe is the future of marketing across all industries," said Marco Schnabl, co-CEO of automotiveMastermind. "Statflo's work in the retail space will surely help pave the way for more targeted interactions across all types of sales transactions."
"Statflo has created a new, engaged interaction layer between a wireless retail store and its customers much the way automotiveMastermind did in the retail automotive space," said Sam Kentor of Elsewhere Partners, who invested in automotiveMastermind while at JMI Equity. "In doing so, it is helping modernize brick and mortar stores in the wireless retail market by enabling a more intimate and human experience while helping them establish an ongoing relationship and a more engaged customer base."
"One of the things that drew us to Statflo is that the company has found a practical and highly valuable way of applying AI to a business problem. By examining buying patterns, we have found a way to predict which customers are most likely to buy and when," says Craig Strong, Partner at Round13.