Statflo Locks Down a $12 Million Series A Round
A leading Canadian sales platform has raised a new round of funding.
Statflo has announced a $12 million Series A led by Elsewhere Partners. Existing investors Round13 Capital and Globalive Capital joined, as well as new investors Generation Ventures and automotiveMastermind co-founders Johannes Gnauck and Marco Schnabl.
“This investment demonstrates the market demand for Statflo’s data-driven technology for wireless retail,” said Kevin Gervais, CEO of Statflo. “Retail workers are looking for ways to drive more traffic and transactions. Personalized interactions are key to driving sales, and our platform gives those retailers the technology to make things personal.”
Gervais also said that the new funding will go towards new developments for the platform as well as covering any needs for capital in the future.
Statflo is designed to help wireless and tech retail stores to drive more traffic to their direct and indirect channels through a one-to-one outreach tool. When stores bring in Statflo, they typically see a double-digit increase in sales within the first 60 days. The company is currently live with several national retailers as well as Tier 1 telecom carriers and has added 51 customers over the past year.
In-store associates can use Statflo to start personalized conversations with customers when traffic is slow. The thinking behind this is that these kinds of localized conversations help drive retention leading to repeat customers and a better understanding of the sales process.
The Toronto-based Statflo also recently graduated from Salesforce’s Accelerate program two months ago. In that three-month online program, the company learned how to best align with Salesforce and gain access to the company’s well-known AppExchange.
“Statflo has created a new, engaged interaction layer between a wireless retail store and its customers much the way automotiveMastermind did in the retail automotive space,” said Sam Kentor of Elsewhere Partners, referring to the personalized automotive company whose founders invested in this Series A round.
“In doing so, it is helping modernize brick and mortar stores in the wireless retail market by enabling a more intimate and human experience while helping them establish an ongoing relationship and a more engaged customer base.”
Kentor, as well as Generation Ventures’ Laura Lenz, will be joining Statflo’s board of directors.
This newest round of funding builds off a $2.4 million seed round the company raised in 2016. Statflo was also named as one of the top 10 great places to work in Canada this year.
