NewStore collects $20m in a strategic investment

NewStore, an omnichannel platform for merchants, has collected $20m in a strategic investment.

Salesforce Ventures contributed to the round, which was also backed by existing NewStore investors Activant Capital, General Catalyst and NewStore founder and CEO Stephan Schambach.

As part of the deal, Salesforce will be integrating NewStore’s technology with its own AI-powered commerce platform and order management system. It hopes which will give customers more options for their omnichannel experiences.

The FinTech helps stores to run retail operations through iPhone devices, such as managing the customer selling process, in-store operations and real-time inventory management. NewStore enables businesses to operate an end-to-end experience across all touchpoint.

Its services include customer data, sales reporting and a point of sale system that enables businesses to accept credit cards, mobile payments and gift cards.

NewStore founder and CEO Stephan Schambach said, “We’ve witnessed an interesting life cycle in retail over the last few decades. Brands have pivoted between channels, trying to meet shoppers where they are. But today’s shoppers are everywhere, and don’t see in channels, which is why omnichannel is a strategic imperative.

“It’s not easy to operate stores in today’s digitally-driven world. Despite stores being a source of great frustration, they also represent a major opportunity. NewStore is the most complete and compelling solution for retailers.”

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