American app developer Handshake has closed $8 million in its first funding round led by new investor Emergence Capital Partners. The new capital will be used to expand its mobile wholesale sales order management app, according to TechCrunch.
Existing investors SoftTech VC, High Peaks Venture Partners, and MHS Capital also participated in the Series A round. Under the terms of the transaction, Emergence general partner Kevin Spain will become part of Handshake's board, the report detailed.
Digital journal cited Handshake chief executive officer (CEO) Glen Coates saying: "I recognized that the traditional sales order management technology was falling short, literally decades behind consumer equivalents, and that mobile was the key to re-inventing wholesale sales & operations... we see a huge opportunity to further our commitment to wholesale through eCommerce, to better service our existing clients, and appeal to an even broader range of brands."
Handshake's mobile app helps wholesale sales reps record orders in real-time, taking advantage of updated data and sales history. This method also saves a lot time and minimizes error from email and fax. The firm earns money though subscription fees for the app. Baby stroller seller Bugaboo and infant gear retailer Skip Hop are among Handshake's clients, TechCrunch reported.
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