PerformanceRetail, provider of web-architected software applications and business management services for the convenience retail industry, has secured $25 million in B-Round institutional financing, which will carry the company to profitability.
Houston-based PerformanceRetail, a provider of web-architected software applications and business management services for the convenience retail industry, has secured $25 million in B-Round institutional financing, the company announced today. PerformanceRetail says the new financing will carry it to profitability.
Venrock Associates and U.S. Venture Partners, venture capital firms that invest in emerging technology based enterprises, co-led the Series B funding round. Granite Global Ventures, an expansion stage technology fund affiliated with Venrock, also participated in the round.
"Given today`s current market conditions, a financial transaction of this magnitude is an undeniable testament to our company`s strength and promise for the future," said Gregg Burt, president and CEO of PerformanceRetail. "This investment provides the financial foundation for us to grow our team and enrich the product offering for our customers, which include industry leaders Amerada Hess, Phillips Petroleum and British Petroleum. Each of these companies has seen the powerful benefits and potential investment returns afforded by InSite, our global retail solution."
With the new round of funding, PerformanceRetail will be able to deploy existing customer contracts, extend the current product offering and focus on growth initiatives. The company also plans to expand research and development capabilities.
"PerformanceRetail is on the leading edge of providing the necessary tools to retailers looking to improve performance,” said Steve Krausz, managing partner at U.S. Venture Partners. “We believe their ASP-delivered solution to be on target and essential to an industry on the brink of adopting widespread automation. "
PerformanceRetail was founded in 2000 by Amerada Hess Corp., Tosco Corp., subsequently acquired by Phillips Petroleum Co., Accenture Technology Ventures, an affiliate of Accenture LTD, and Retek Inc. InSite, the company`s initial product, links point-of-sale transaction data with category management tools and back office systems to provide retailers with real-time access to operating information.