The funding will be used to build out Revel Touch’s ‘merchandising cloud’ platform for the tablet and smartphone. The company recently made several hires, including former Baynote executive and serial entrepreneur Mark Tsimelzon as vice president of engineering, 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 optimise 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. “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.”
“With Revel Touch, everything is in place to create one of the Valley’s next defining commerce companies,” added 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.”
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. The iPad already accounts for 89 per cent of all mobile shopping revenue and tablets’ share of ecommerce revenue is predicted to continue to outpace ecommerce growth.
“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.”
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