FlexReceipts LLC has raised $1.4 million in its first funding round for its expansion. The financing was led by early stage venture fund venVelo, according to Orlando Business Journal.
venVelo chief executive officer (CEO) Richard Licursi said of FlexReceipts: "Early adoption rates of FlexReceipts' dynamic digital receipts are indicative of the future of this trend. In the months since launching, FlexReceipts is seeing a 20 percent conversion rate of its retailers' customers opting for a digital receipt. That resulted in millions of transactions in the first quarter and a solid business model."
The Windermere-based digital receipt provider will use the new capital for the expansion of its sales and marketing efforts, as well as service innovations. The Florida Institute for Commercialization & Public Research, Angel Round Table, Florida Angel Nexus, Angel Street Capital and TiE Tampa Angels also invested in the Series A round, the report detailed.
FlexReceipts provides interactive receipts for retailers, restaurants, and universities. The technology lets its customers embed videos, product recommendations, and promotion materials in the receipts. GNC, Vitamin Shoppe, Beats by Dr. Dre, and Margaritaville are among FlexReceipts most prominent customers, Orlando Business Journal reported.
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