SalesWarp closed a $3.5 million Series A round led by venture funding firm Camber Creek, the company officially announced this week.
The company, which is currently based in ETC’s Haven Campus, says it’s finding heavy demand for its cloud-based software, which is designed to provide retailers with one platform to manage operations across the many different sales channels available online, as well as at brick-and-mortar stores.
“There’s a lot more demand than we have capacity for,” CEO David Potts said.
SalesWarp will use the money to grow its staff, and is looking to hire in marketing, engineering, and client implementation. The company currently has 35 employees split between the U.S. and overseas. Potts said the company is looking to more than triple in size over the next nine months. The new and current employees will also get expanded healthcare coverage as a result of the new financing, Potts said.
“We basically become the operations tool for the retailer’s entire business.”
SalesWarp has been at the ETC since late 2010, but the company is now looking for new office space. These days, retailers are looking to sell products through online outlets like Amazon and eBay, in addition to physical stores. Each different place to sell product brings a new place to keep track of inventory, fulfillment and customers. In many cases, each channel has also brought its own software management tool, and the different software doesn’t necessarily work well together.
SalesWarp looks to connect all of those different sales channels and functions into one “mission control center” where managers can track progress and make decisions.
“We basically become the operations tool for the retailer’s entire business,” Potts said.
To date, the company has primarily focused on larger retailers (mall staple Zumiez is a client). Going forward, SalesWarp will also look to sell to more more small and medium-sized businesses, Potts said.
“At Camber Creek we continuously look for smart, emerging companies that can leverage our networks and retail experience,” said Casey Berman, the firm’s managing partner. Camber Creek is the Rockville-based venture arm of real estate development firm Berman Enterprises. “SalesWarp has built the next generation solution to bridge the online and off-line retail experience.”
Along with Camber Creek, the Baltimore-based GRI Fund, Blue December Venture Group, Cranbrook Capital and the Maryland Venture Fund participated in the funding round.