SOLOMO Technology, Inc., a Madison, WI-based provider of solution that enable retailers to conduct personalized and localized omni-channel marketing campaigns, completed a $1.7m first close of its Series A round.
The company intends to use the funds to accelerate product development and increase its sales and marketing activities.
The round was co-led by Venture Management, LLC and Don Layden, with participation from Wisconsin Investment Partners. The equity investment leveraged additional funding from the Wisconsin Economic Development Corporation.
Led by CEO Liz Eversoll, the company provides the SOLOMO Exchange™ platform that connects to retailers’ branded mobile applications to support the exchange of individual customer data in return for value. They can offer products, services, special offers, or leverage their existing loyalty program to trade virtual currency, in exchange for customer data.
Customers own the data they store on the platform and can update or revoke it, putting them in control of their personal information.
SOLOMO Geo™, one of the services, provides retailers with WiFi-based anonymous indoor location analytics and an array of opt-in localized customer engagement capabilities to allow them to engage customers in their stores and better understand customer behavior.
The company is currently working with companies across many categories, including specialty retail, convenience, malls and airlines.