PredictSpring Raises $11.4 Million To Help Brands, Retailers Build Apps
- by Ben Frederick @mp_benfred, June 29, 2016
PredictSpring, a startup that builds mobile apps for retailers and brands, announced the close of an $11.4 million series A funding round this week. The company says that it is delivering two to three times the conversion rate on purchases and has increased the speed of mobile interactions nearly 20-times the average speed of a mobile Web page.
“We are in the midst of a fundamental shift in consumer behavior and buying patterns. Today’s consumer expects instantaneous response times and the ability to shop anywhere, anytime with a single touch of a button,” stated Nitin Mangtani, founder and CEO of PredictSpring.
The platform reportedly plans to fill out its offering in the coming months by enabling customers to scan clothing items and see if the size and color they want is in stock, as well as complete purchases using Android Pay or Apple Pay.
Associates will also be able to use partner apps on their phones to assist customers or give them loyalty rewards.
PredictSpring clients include Calvin Klein, Cole Haan, Nine West, New York & Company, Claire’s and Vineyard Vines.
Felicis Ventures led the round, with participation from existing investors Beanstalk Ventures and Novel TMT Ventures. New investors include Benvolio Group, the investment arm of Lew Frankfort, Chairman Emeritus, Coach, and his family.
