November 23, 2010 09:00 ET
AisleBuyer Receives $4.0 Million
Mobile Self-Checkout Provider Secures Venture Backing
BOSTON, MA--(Marketwire - November 23, 2010) - AisleBuyer LLC, the pioneer of mobile self-checkout solutions, announced today that it has closed a funding round of $4.0 million. The financing was comprised of equity and debt. The equity came from the founding investor of InnerWorkings, Echo Global Logistics, Mediabank, Forseva and Groupon, with an additional line of credit from Silicon Valley Bank. The company will use the funds to expand the national footprint of its proprietary mobile self-checkout solutions designed to ensure shoppers never wait in line again. AisleBuyer is also using the funding to expand its Boston office, and secure additional talent.
AisleBuyer, founded in 2009, provides the world's first smartphone-driven self-checkout technology. By partnering with national brands in categories ranging from mass market retail, pharmacy, quick-service restaurants and consumer products, AisleBuyer aims to improve the in-store shopping experience for consumers while helping retailers connect with their audience in a more meaningful way. AisleBuyer plans to announce several partnerships that solidify it as the leader in the mobile self-checkout space.
"We built AisleBuyer to satisfy an important consumer need: the ability to combine the ease of online shopping with the satisfaction of a traditional bricks and mortar experience," said Andrew Paradise, CEO and Founder of AisleBuyer. "We provide shoppers with the perfect hybrid of 'bricks' and 'clicks' shopping, guaranteeing a truly revolutionary retail experience."
"Mobile self-checkout is going to fundamentally change the way shoppers and retailers interact, and we're excited to help AisleBuyer lead the charge," said Dan Allred, senior relationship manager, Silicon Valley Bank. "Helping innovative companies succeed is what SVB does best, and we look forward to working with Andrew and his team."
AisleBuyer's mobile self-checkout app allows shoppers to scan items in a store, review pricing, access ratings and reviews, and checkout using a secure connection via their smartphone. Interested users can currently test the app at all Boston-area Magic Beans locations in Brookline, Cambridge, Wellesley and Hingham, Massachusetts. The Magic Beans app, powered by AisleBuyer is available for free download in the iPhone App Store by searching for 'Magic Beans.'
AisleBuyer is a mobile shopping platform that is revolutionizing the in-store shopping experience. AisleBuyer leverages Smartphone technology to unite the best features of both 'bricks' and 'clicks' retailing. Their platform, which includes a virtual shopping assistant, 'location aware' digital circular, and patent-pending, mobile self-checkout system provides retailers with an end-to-end solution designed to increase sales, reduce costs, and offer unprecedented analytical insight into in-store shopping behavior. AisleBuyer is headquartered in Boston, MA.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (NASDAQ: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.