flexReceipts Raises $1.4Million in Series A Funding
Investment to Fuel Innovation and Growth for dynamic digital receipts software provider
ORLANDO, Fla., April 8, 2014-- flexReceipts, the leading enhanced digital receipts solution, today announced it closed a $1.4 million Series A Funding Round led by venVelo, a Winter Park, Fla.-based early-stage venture fund. In addition to expanding sales and marketing efforts, the funding will go toward innovations designed to let retailers truly Go Beyond the Sale and engage with their customers. Other venture partners in this round included The Florida Institute for Commercialization and Public Research; Florida Angel Nexus; Angel Round Table; Angel Street Capital; and TiE Tampa Angels.
flexReceipts also announced the unveiling of a new website at http://retail.flexreceipts.com/. The updated site better speaks to its retail offering, visually demonstrating how dynamic digital receipts can empower retailers to continue a dialogue with their customers after the sale is considered complete. flexReceipts' interactive receipts allow retailers to embed custom video, make product recommendations and offer unique targeted promotions. They are the only digital receipt software company that can provide item-level social media sharing and other product-specific customizations. flexReceipts' technology is already being employed in thousands of specialty retail stores, restaurants and Universities nationwide. Marquee clients include GNC, Margaritaville, Vitamin Shoppe and Beats by Dr. Dre.
"We entered this market because we knew we could elevate the digital receipt from its current state, a static PDF copy of a paper receipt, into a dynamic customer engagement tool that works with retailers of all sizes, from a single store, Mom & Pop bakery to 3,000-store chains," said Tomas Diaz, CEO of flexReceipts. "Our retail customers recognize us as more than a digital receipts provider because our receipts are more than just simple proofs of purchase. They see us as a marketing catalyst."
flexReceipts has partnered with some of the nation's leading POS software suppliers to make integration of its solution seamless and easy for retailers. Once employed, retailers have access to a customized merchant analytics dashboard that distills their data to reveal sales trends, consumer profiles and more. "And, after their customers request a digital receipt, flexReceipts can deliver that dynamic receipt within seconds, making this a win-win for both the retailer and its customer", said Diaz.
"Early adoption rates of flexReceipts' dynamic digital receipts are indicative of the future of this trend," said Richard Licursi, CEO of venVelo. "In the months since launching, flexReceipts is seeing a 20 percent conversion rate of its retailers' customers opting for a digital receipt. That resulted in millions of transactions in the first quarter and a solid business model."
flexReceipts also has a dynamic consumer portal, which allows consumers to better manage their finances through organized receipts. "This round of funding will also benefit the consumer as more brands sign up and the flexReceipts solution becomes more pervasive," said Diaz. "We look forward to the day when we can say the flexReceipts platform is 'Universally Accepted at Retailers Worldwide'."
Individuals, and the networks and relationships they have created over their lifetimes, are the foundation of venVelo's strategy for raising money, identifying growth companies, and mentoring those companies to increase the likelihood of their success. venVelo's entire Board of Directors has considerable venture experience and multiple exits. Based in Winter Park, Florida, but with relationships with like-minded funds in Gainesville, the Space Coast, and South Florida, venVelo fills in any gaps its portfolio companies may have including management, marketing, sales and distribution, software development, and/or the next round of funding. There are many variables to a successful entrepreneurial venture. venVelo is a constant. To learn more please visit www.venvelo.org.
flexReceipts, the leading enhanced digital receipts solution, offers retailers a post-sale opportunity to communicate with their customers. flexReceipt's enriched receipts build customer loyalty and drive sales, while allowing retailers to monitor spending habits and shopping trends. The company's patent-pending software allows retailers to add social media links, videos and customized offers to digital receipts. Go Beyond the Sale. Learn more at http://retail.flexreceipts.com/.
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