|By Business Wire||
|January 23, 2014 08:03 AM EST||
VisibleBrands (www.visbrands.com) announced today that it’s raised approximately $2.3 million through a Series B financing round to support a regional expansion of its patented, propriety, in-store digital couponing platform. The funding follows a successful, year long, field test in Spokane where the company demonstrated commercial viability of its technology and benefits to the participating retailer, consumers and consumer package goods companies. Significantly most of the funds in this latest round came from previous investors in the Company. In preparation for the Company’s regional expansion, VisibleBrands promoted Tim Belvin to CEO, succeeding founding CEO, Tim Morton.
The Company’s potential has been validated by several industry experts including Steve Frenda, Managing Director of “The Path to Purchase Institute,” who believes Visible Brands can be “a real game changer” in the retail couponing industry. Unlike other print, online or mobile smartphone coupons, VisibleBrands’ enabled digital offers require no clipping, no downloading, no mobile phone, and no registration or opting-in. With a single touch of an in-aisle screen, shoppers can accept a digital coupon. The offer is digitally clipped to the grocery cart using location-based, wireless and cloud technologies, and the savings are credited automatically at checkout. The key is the VisibleBrands coupon seamlessly impacts consumers in the aisle, at the point of purchase, where some 70% of brand purchase decisions are made.
The VisibleBrands field test validated the disruptive potential of a digital entry into the staid, print coupon industry. Average coupon redemption was approximately twice industry norms and typical brand lift was an exceptional 5x average sell-through as total brand sales benefited from the added exposure at the moment of decision. According to CEO Belvin, “We are still tinkering with a few of the variables and believe we can deliver even stronger results during the next regional rollout phase.” The Company is expanding its original retail field test in Spokane, Washington and expects to expand its platform with at least one other major regional grocery retailer later this quarter.
VisibleBrands® designs, develops and plans to market its patented, proprietary technology to enable retailers and manufacturers to promote and advertise directly to consumers while shopping in stores. By replacing current couponing practices with the simple touch of an “accept” button on in-aisle display monitors and by allowing immediate measurement of coupon redemption at the time of checkout, the Company’s technology is targeted to disrupt the $100 billion US print coupon industry. VisibleBrands’ technology also enables direct to consumer advertising at the Moment of Decision. For more information visit VisibleBrands: Delivering the Last Impression℠ at www.visbrands.com.
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