A Madison-based provider of mobile technology solutions closed a $1.7 million funding round to help accelerate product development and increase sales and marketing, the company announced today.
Read the Milwaukee Journal-Sentinel story here.
SOLOMO Technology, which provides indoor location intelligence and personalized marketing solutions for retailers, completed a Series A funding round led by Madison private investment office Venture Management LLC and angel investor Don Layden, of Milwaukee. Angel group Wisconsin Investment Partner also participated in the funding round. The investment also leverages additional funding from the Wisconsin Development Corp.
SOLOMO also announced the release of a global web services platform that allows retailers to conduct personalized and localized channel marketing. The platform connects to retailers’ mobile applications so they can offer products, services, special offers or leverage a loyalty program to trade virtual currency in exchange for customer data, the company said. Customers are in control of the data that is stored on the platform and can update or revoke access.
The company was also recently designated as one of a handful of “Cool vendors in retail” report, produced by Gartner, a well-known IT advisory and research firm.
SOLOMO’s CEO, Liz Eversoll, has previous experience with CDW and other leading IT companies.
“Trust is the foundation of the relationship between retailers and their customers. Due to the general erosion of consumer trust, the World Economic Forum has noted1 that nearly $1 trillion is at stake in the digital retail economy by 2016,” Eversoll said. “Trusted retailers will win that business.”
The company recently closed a $400,000 bridge funding round and also raised nearly $500,000 in 2012 from several angel groups, including WIP, Milwaukee’s Silicon Pastures and other individual angel investors.
The company was also featured recently in the Microsoft BizSpark blog.