London-based startup YOOBIC has secured a funding round of $25 million led by Insight Venture Partners, with participation from an existing investor, Felix Capital. The company will use the fresh capital to hire more people and open an office in the US.
Founded in 2014 in the UK, YOOBIC is a mobile platform that can help retailers improve in-store operations, such as promotions and merchandising. What it means in practice is that retailers can use the app to track and control the in-store execution of and compliance with the chain-wide guidelines.
YOOBIC's clients include companies working in fashion, groceries, automotive, and luxury retailers, such as Lacoste, The Foschini Group, the Casino Group, Aldi UK, Peugeot, and Citroën. In total, its platform is used in over 200,000 stores in 44 countries.
The startup intends to use the fresh funding to open an office in New York in September and bring an additional 100 people on board across all its branches within the next 12 months. Currently, YOOBIC has offices in London, Paris, and Tel Aviv. It claims to have doubled the size of its team over the past year to reach 100 people.