February 9, 2004, 12:00 AM

PerformanceRetail lands $15 million in new funding for expansion

Austin, TX-based PerformanceRetail, provider of web-based software for small-store, high-volume retailers, has secured $15 million in new funding that it will use to accelerate customer acquisition and expand its marketing.

Austin, TX-based PerformanceRetail Inc., provider of web-based software for small-store, high-volume retailers, has secured $15 million in new funding. The company reports it will use the funds to accelerate customer acquisition and expand its marketing. Investors in this round are U.S. Venture Partners, Venrock Associates and Granite Global Ventures.

“We believe that PerformanceRetail is poised for continued, rapid customer and revenue growth based on the strength of their offering, this management team’s proven ability to execute and the overwhelming need for profit and efficiency improvements in the small-box retail market,” says Hany Nada, managing director of Granite Global Ventures, who will join the PerformanceRetail Board of Directors.

PerformanceRetail targets the $290 billion convenience store market with its InSite web-based merchandising and store operations product. InSite automates retail functions through a modular suite of integrated merchandising, business intelligence, field operations, store operations, fuels management and retail financials applications.

“Our investor partners recognize the huge market opportunity to bring efficiencies to small footprint retailers, delivering new merchandising and store operations capabilities that can directly translate into increased retail profits,” said Marc Hafner, PerformanceRetail president and CEO. “A financial commitment of this size and the ongoing interest we see from potential new investors clearly validates the strength of our team and the opportunity.”

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