Omnyway raises $12.75M to connect advertising and mobile commerce
Omnyway introduced at this time that it has raised $12.75 million in Series A funding.
Previously often known as OmnyPay, Omnyway has constructed expertise round what it calls “augmented digital commerce” — mainly, serving to retailers keep related to shoppers by means of their mobile cellphone throughout the in-store buying course of. That contains loyalty applications, coupons and what CEO Ashok Narasimhan described as a “seamless” mobile fee course of at checkout.
This can all be built-in right into a retailer’s current app. The expertise can also be powering Kohl’s Pay, the mobile funds and loyalty program that the division retailer chain launched final yr.
Narasimhan informed me that the funding will assist the corporate develop its new Zapbuy product, the place customers can scan an advert (which could possibly be proven on TV or printed in — mainly, anyplace you may show a QR code), then purchase the product with a single click on or faucet.
Narasimhan argued that this can be “pretty revolutionary” for advertisers, as a result of it can give them a significantly better return on funding for his or her campaigns. And whereas Zapbuy might attraction to the retailers that Omnyway is already working with, he stated it can additionally permit the corporate to broaden to new prospects — “anyone who does advertising, not just retailers.”
In addition, the funding is meant to assist Omnyway broaden globally. It definitely comes from a world group of traders, with the spherical led by Nyca, CommerzVentures (the enterprise arm of Germany’s Commerzbank Group) and the CreditEase Fintech Investment Fund (a part of China’s CreditEase). Commerce Ventures and Industry Ventures additionally participated.