HEROFi Secures $3.5 Million Seed Round for Retail Revenue Optimization Platform
SAN DIEGO–(BUSINESS WIRE)–HEROFi, a revenue optimization company for physical retail, today announced that it has completed a convertible debt financing of $3.5 million.
HEROFi, founded in 2014, specializes in using its intelligent orchestration platform to drive proven revenue through real-time product packaging and pricing. HEROFi’s clients use real time data – such as sales, inventory, weather, traffic and more – to create better and more effective consumer in-store experiences. In addition to its current client base of leading companies in the restaurant (Buffalo Wild Wings), gaming (Pechanga), and shopping mall (Westfield Malls) industries, HEROFi is close to completing agreements with major footwear and QSR companies as well as with a leader in the casino sector.
The financing included a number of well-known angel investors including Jeff Vinik, the current owner of the Tampa Bay Lightning, and the former manager of Fidelity Magellan Fund and hedge fund Vinik Asset Management; Rob Soni, a former partner at Matrix and Bessemer Ventures; and John McDonnell, Managing Director International, Fifth Generation Spirits, Inc.
The financing provides HEROFi with adequate working capital to continue to expand and rollout its award-winning Guest Experience Platform (GXP) – which is already available in over 1,300 retail locations in 8 countries. By ingesting and processing external and internal data in real-time, the platform enables clients to respond immediately to changing business conditions. HEROFi works closely with clients to create rules applicable to their business and to launch and scale successful projects quickly and efficiently. HEROFi’s platform drops into almost any existing technology environment, and provides a simple interface that anyone can use.
“We aim to fundamentally change the way retail operates. The GXP platform gives retail operators the ability to blend a broad variety of data sources, react to this data in real time, and do it at the individual store level in an automated and simple way,” said Vladimir Edelman, Chief Executive Officer of HEROFI. “Today’s announcement allows us to keep innovating and developing key features for blue-chip clients already working with us to optimize their revenue, and helps us continue to produce material and provable ROI for all of our clients.”
HEROFi, founded in 2014, puts physical retail on equal footing with digital commerce, maximizing ROI by infusing physical places with the same speed, convenience and relevance customers now expect from the digital world. HEROFi’s Guest Experience Platform (GXP) produces more relevant digital messaging and better consumer engagement, through the use of real time data to drive consumer communication through digital signage, mobile apps, tablets, e-mail and loyalty programs. HEROFi has generated results by focusing on the things that matter most: sales, visit frequency, check lift, profitability and conversion. HEROFi’s patented GXP ingests and processes external and internal data from myriad sources in real-time to enable immediate responses to business realities applying intelligent rules, machine learning, and AI. The platform scales to thousands of client locations instantly and is built specifically for the retail environment. HEROFi’s award-winning solutions have delivered proven, material results at scale for Buffalo Wild Wings, and its current clients also include Pechanga, Westfield Malls, and multiple others in retail sectors such as shoes, QSR, convenience, and hospitality. HEROFi’s headquarters are in San Diego, California. For more information or to request a demo, visit HEROFi.com.