Google-backed retail technology startup NearSt bags £2m in funding
NearSt, the Google-backed retail technology start-up aimed at driving more people into physical shops, has raised £2 million in funding.
The funding round was led by consumer tech specialists YYX Capital and included investment from leading angel investors Will Hobhouse and Ben Laurie, bringing NearSt’s total investment to date to £3.2 million.
NearSt’s technology links items being listed online on Google shopping to items stocked in nearby shops thus encouraging shoppers to go in store.
“Most of the products we buy online are stocked in a store nearby” NearSt’s founder Nick Brackenbury said.
“Until today though, they were invisible to your smartphone, so online was the only easy option.
“We’re solving that problem for retailers by making it effortless to get their products seen by the millions of local searches happening everyday near their stores. A few minutes and a few clicks is all it takes to get their inventory management system hooked up.”
James Cox, Founding Partner at YYX Capital, added: “This is a multi-trillion dollar market that technology has barely touched, and NearSt has the potential to truly transform how we all interact with physical retail.