B8ta secures US$50m in Series C funding led by Evolution Ventures

Date: 2019-11-02   Author: Pankaj Singh  Category: #news

B8ta secures US$50m in Series C funding led by Evolution Ventures

The California-based retail-as-a-service company B8ta has recently raised $50 million in Series C equity funding round.

Evidently the round was led by Evolution Ventures along with B8ta’s existing investors Macy’s, Peak State Ventures, Khosla Ventures, and others. B8ta has also reportedly launched a new business unit Ark, with a flagship product called Ark Marketplace.

Ark Marketplace is apparently a service that allows retail property owners and retailers to run their own retail-as-a-service model and enhance their floorspace marketing value. Reports estimate that, the new platform, will also provide retailers with access to an analytics dashboard, onboarding platform, and POS.

According to reliable sources, B8ta has been actively working on providing different ways to connect brands and retailers with technology to enhance their in-store experience. Additionally, the company  intends to  provide effective methods to use the in-store space along with enabling retailers to gather more customer data.

B8ta’s Co-founder and CEO Vibhu Norby was reportedly quoted saying that in the current scenario, stores are operating as product marketing outlets rather than sales channels since product development and distribution occur in various places. 

According to industry experts, B8ta plans to double its retail footprint by the end of 2019 by opening 25 flagship stores across the globe, equivalent to over 45,000 square feet of experiential retail space. This includes the inauguration of its Dubai store in December.

B8ta had earlier disclosed plans to enter the fashion industry last month through the launch of its Los Angeles-based Forum Store. Reportedly, the store will bring out a rotating range of products from over 25 local or sustainable brands like Just Human, Poplinen, Alala, Silked and Remu Apparel.

For the record, B8ta has introduced its technology to numerous mainstream retailers like Lowe’s and Macy’s. The company has also collaborated with Tru Kids Brands with an aim to revive Toys R Us before the holiday season.

Sources aware of the development claimed the latest funding round will enable the company to meet the global demands of its software and stores.
 

Source Credits –

https://www.retailtouchpoints.com/features/news-briefs/b8ta-raises-50-million-launches-ark-marketplace-platform-for-retailers-and-landlords



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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