According to Toronto-based technology company Wishabi, it had raised another USD15 million in Series B financing round fundraiser for Insight Venture Partners. The technology firm creates digital circular platform that is used by many North American retailers. The new capitalization would be to accelerate the expansion and creation of the technology in the US market.
The total advertising expense of retailers amount to about USD18 billion. This would amount to the printing and distribution of flyers, circulars and other inserts found either through direct mail or in newspapers.
By using the technology firm's digital circular platform, many retailers are able to deliver 'hyper-local, hyper-personal flyers' to both current and prospective clients. The company's technology uses integration with databases to distribute circulars direct to consumers and other media partners. These partners would include MSN, LA Times, Chicago Tribune and CBS and they are sent to consumers through their digital devices.
According to Wishabi CEO Wehuns Tan, "Over the past three years, we've built a platform that allows retailers to reinvent their circulars for the digital and mobile age and to evolve their circular experience for today's digitally minded consumer. The investment will allow us (to) accelerate our producct development as we continue our missions to help retailers increase sales of the right products via the right advertising."
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