But losses mount for the home furnishings e-retailer that went public in October.
Foundation Capital and Lightspeed Venture Partners lead funding round as Revel Touch continues to post rapid growth for "merchandising cloud" platform for retailers, publishers, and brands
Los Altos, CA – August 21, 2012 – Revel Touch, a technology innovator in mobile ecommerce, today announced that it has secured $10 million in venture capital financing. The Series A round was co-led by existing investor Foundation Capital and Lightspeed Venture Partners. The funding will be used to build out Revel Touch's "merchandising cloud" platform that creates lush, touch-optimized shopping experiences for the tablet and smartphone.
The funding news comes as Revel Touch continues to post industry-firsts for the tablet with its clients.
Revel Touch has previously appeared in Forbes and The New York Times for its pioneering work with Anthropologie and children’s retailer Tea Collection, bringing engaging touch-optimized shopping experiences to the iPad. Most recently, The New York Times covered Revel Touch's work with Conde Nast's Lucky Magazine on its MyLucky initiative, which allows users to make purchases directly from Lucky’s digital edition and its website, myluckymag.com. The company also recently made several key hires, including former Baynote executive and serial entrepreneur, Mark Tsimelzon, as Vice President of Engineering and previous Kohlberg Ventures Partner and AOL veteran, Bill Youstra, as Senior Vice President of Marketing and Business Development, and 20-year retail veteran, Trudi Michael, as Vice President of Account Services.
“Retailers and brands are under tremendous pressure to optimize the shopping experience for new channels like tablet and phone. However, they are reticent to have another siloed shopping solution that requires its own processes, infrastructure and IT talent," said Mar Hershenson, founder and CEO of Revel Touch. Hershenson is a Stanford PhD and consulting professor who previously revolutionized the semiconductor industry with her work in analog circuit synthesis, earning her awards from Fast Company, MIT and the prestigious Marie Pistilli Women in Electronic Design Automation Lifetime Achievement Award. “We believe that touch-computing is the future and we’ve architected the Revel Touch platform from a “touch-first” vantage point which powers an engaging, feature-rich e-commerce experience and enables us to collect 20 times the data of a typical e-commerce session.”
Revel Touch is at the forefront of the mobile commerce wave for the 4 trillion dollar retail market (US). A recent report from RichRelevance found that iPad users spend significantly more time shopping and more money per session on their devices than other mobile or even PC users. In fact, the iPad already accounts for 89% of all mobile shopping revenue and tablets’ share of ecommerce revenue is predicted to continue to outpace ecommerce growth. And given that approximately one-third of US consumers will be using a tablet by 2014, the opportunity for retailers, brands and publishers is nothing short of massive.
In this landscape, Revel Touch's scalable and efficient platform introduces several advances to enable experiences that deliver measurable brand and sales impact whether as an app or as a HTML5 browser experience. The Revel Touch platform debuts:
- Turnkey solution that leverages existing brand assets, photography and social content for fast publishing to an interactive and engaging touch shopping experience. This ensures rapid deployment and easy updates as the business demands.
- Flexible platform that is totally customizable to a retailer's unique look, feel and business objectives.
- Integration with existing ecommerce systems and product feeds to ensure that shoppers can always browse, search and purchase in-stock items.
- Sophisticated data gathering and intelligence allowing for a personalized and robust shopping experience
"With Revel Touch, everything is in place to create one of the Valley's next defining commerce companies," said Charles Moldow, General Partner at Foundation Capital. "They have a tremendous market opportunity and the team and technology to quickly exploit every advantage. We have been believers from the start, and we are very excited to reinvest as the company continues to surpass every milestone and goal."
“Touch devices are the fastest growing digital platform today, and are shifting the traditional way consumers browse, buy and research online,” said John Vrionis, Managing Director at Lightspeed Venture Partners. “Revel Touch has built a data-driven, proven technology platform that takes full advantage of all that touch-enabled devices have to offer. They have worked with some of the best retailers in the industry and have delivered significant increases in session length, order size and conversion - up to 4X the industry standard. We are bullish on their market opportunity and excited to work with them through their next phase of explosive growth.”
About Revel Touch
Revel Touch is a technology innovator that is defining mobile ecommerce for retailers and consumers by putting touch first in architecture and design. Revel Touch's "merchandising cloud" platform provides a lush, touch-optimized shopping experience for the tablet, whether as apps or HTML5 browser experiences, and for smartphones. The platform integrates with brands' existing ecommerce systems to quickly extend their footprint to their fastest-growing channels, and is designed from the ground up to be extremely quick and easy for a brand to deploy, update and customize. The company, which serves brands ranging from Anthropologie to Conde Nast’s Lucky Magazine to Design Within Reach is privately held with offices in Los Altos, California. For more information, please visit www.reveltouch.com.