Leading proximity- based indoor mobile marketing firm Swirl Networks, Inc. has just announced that it raised $18 million in equity financing from Hearst Ventures, SoftBank Capital, Twitter Ventures, and several other strategic investors.
This Series C round brings Swirl’s total funding to $32 million.
The new capital is slated for use for Swirl’s sales and marketing operations for its platform. The company is interested in aggressive product innovation to meet the growing demand from major retailers and brand advertisers for beacon-powered indoor mobile advertising.
Swirl platform users currently include many major brands such Lord & Taylor, Hudson’s Bay, Urban Outfitters, Marriott, Alex and Ani, and Timberland.
“Beacons will be deployed by 85 percent of the top 100 U.S. retailers by the end of 2016 and beacon marketing will influence $44B in retail sales,” according to Swirl. “By leveraging Bluetooth Low Energy and Apple’s iBeacon technologies, the Swirl platform helps retailers and brands deliver highly relevant digital content and offers to consumers’ smartphones while they shop in specific areas of a store.”
That optimization can work wonders. Not long ago, a study by Swirl found that 73 percent of shoppers who received beacon-triggered content were “more likely to make a purchase during their store visit.”
“Swirl in-store mobile marketing campaigns are already generating strong results, with 60 percent of shoppers opening and engaging with beacon-triggered content and 30 percent redeeming relevant offers at the point of purchase,” the company concluded in its announcement.