Software-Powered Retailer, b8ta, Announces $19.5M in Financing From Khosla Ventures and TriplePoint Capital
The technology company will use the financing to expand to more locations across the country, providing more consumers with its unique shopping experience
September 30, 2016 – Today b8ta, a software-powered retailer, announced it is raising a new round of financing led by TriplePoint Capital, along with existing lead seed investor Khosla Ventures, and investors Fifth Wall Ventures, Eniac Ventures, Graphene Ventures, as well as top national mall owner and operator Macerich. In addition to its equity investment, TriplePoint Capital is also providing debt financing to the company. Building on its vision to spearhead the future of retail, b8ta plans to use the financing to further develop its software platform and fuel national expansion for its retail brand, beginning with the upcoming debut of additional store locations in Santa Monica, California, and Seattle, Washington.
The company opened its first brick-and-mortar retail location in Palo Alto, California in December 2015 and now works with more than 100 partners, including Boosted Board, eero Home WiFi System, Teforia Tea Infuser, Osmo Educational Games, and Avegant Glyph, to provide an alternative to traditional retail channels. Partners’ products aren’t just placed on a shelf or along an aisle in b8ta’s stores—they’re displayed out-of-box so customers can experience them in real life. Visitors are encouraged to touch, try, and demo products before they buy. As b8ta continues to expand nationwide, the company will showcase a variety of cutting-edge tech products curated based on each store’s location and consumer interest.
“At b8ta, we’ve built a new type of retailer based on the principles of the internet: open, accessible, driven by data and technology. b8ta’s software and the experience it enables is the future of physical retail, and we are using our technology to put innovative products in stores that most retailers have ignored or mistreated,” said Vibhu Norby, b8ta co-founder and CEO. “With our new round of financing, we will be aggressively expanding our store locations, and are excited to work with technology and real estate investors who share our expansive vision.”
b8ta’s addition to Macerich’s Santa Monica Place will provide shoppers in Southern California with a heightened shopping experience for technology. West Coast-based Macerich provides an elevated shopping experience by integrating top-tier retailers into award-winning, sustainably designed properties throughout the company’s portfolio.
“b8ta connects manufacturers of the latest IoT technology with consumers who want hands-on experience with these cutting-edge products. The level of product and brand engagement generated by b8ta is a view into the future of retail,” said Eric Salo, Executive Vice President and Chief Strategy Officer of Macerich. “We are delighted to welcome b8ta to Santa Monica Place—ideally situated in the heart of tech-forward Silicon Beach.”
b8ta developed an easy solution for products makers to get their products in its store within days, disrupting traditional retail models. By developing a proprietary software stack, b8ta gives its partners real-time insight into conversion metrics, as well as the opportunity to control their brand identity and consistency. Paired with b8ta’s innovative out-of-box retail model, the company has transformed the way consumers interact with products, resulting in millions of product engagements since the store opened its doors less than one year ago.
To learn more about b8ta, visit b8ta.com, or visit the flagship store at 516 Bryant Street, Palo Alto, and stay tuned for the upcoming opening of its Los Angeles store in Santa Monica Place and Seattle store in University Village.
b8ta, a software-powered retailer engineered to improve the consumer and maker experience, was founded in 2015 by Nest alums Vibhu Norby (CEO), William Mintun (COO), and Phillip Raub (CMO). b8ta helps people discover, experience and learn about innovative products while empowering makers with a retail model that puts them in control. b8ta’s flagship location is in Palo Alto at 516 Bryant Street. The company is headquartered in San Francisco.
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