Mappedin Raises $3.5 Million in Venture Financing after Growing Revenue by 500 Percent in 2015
Waterloo, ON (June 30, 2016) - Mappedin, the leading indoor mapping platform, today announced that the company has closed its seed extension, bringing total venture capital financing raised to $3.5 million on the heels of impressive customer and revenue growth in 2015. The financing was led by Green Century Investments, with participation by Amolino, and local angel investors. With this new capital, Mappedin has also announced two significant hires in its sales and marketing organizations. Greg Barber has joined as Vice President of Sales and Suzanne Farb has joined as interim Vice President of Marketing.
"With Greg and Suzanne on board, this funding allows us to accelerate our go-to-market strategy while continuing to invest in our product platform."
With the new funding and hires, Mappedin positions itself to meet the growing demand from premium malls, REITs, and retailers to drive search and discoverability of the indoors through digital wayfinding. In 2015, Mappedin grew revenue more than 500 percent and is currently forecasted to triple revenue by the end of 2016.
“We’ve always believed in the value of search indoors and the underlying need for better data management tools to digitize dynamic spaces. Last year’s market demand was truly eye-opening for us. We learned that premium malls and retailers are actively seeking a solution that can help them bring the discoverability inherent online to the in-store experience, and that they recognize the only way to do that is through great digital infrastructure and wayfinding experiences,” said Hongwei Liu, CEO and Co-founder, Mappedin. “With Greg and Suzanne on board, this funding allows us to accelerate our go-to-market strategy while continuing to invest in our product platform. We set ambitious growth and product development goals each year and 2016 is no different. As always, we will bet on ourselves and our consistent record of execution. It’s great to have capable people like Greg and Suzanne join us on this journey.”
Greg Barber joins Mappedin as Vice President of Sales following a 23 year long career at Microsoft. Most recently, Barber served as Vice President of the Consumer Channels Group at Microsoft Canada. A member of the executive team at Microsoft Canada for more than a decade, Barber was accountable for more than 30 percent of the region’s revenue. At Mappedin, he will continue to grow Mappedin’s customer base of premium malls and retailers and drive the company’s international expansion across North America, EMEA and APAC.
Prior to joining Mappedin, Suzanne Farb was the Head Merchant of Electronics and Entertainment for Target Canada. There, she launched Target’s entertainment and electronic departments in more than 133 stores nationwide. Before her tenure at Target, she worked at Microsoft Canada, where she helped re-establish the Window’s consumer brand by developing integrated marketing strategies. Her cumulative experience at the world-leading CPG, tech and retail companies affords her valuable first hand knowledge of how to help customers bridge the physical and digital worlds and receive a seamless shopping experience.
About Mappedin
Mappedin powers search and discovery indoors. The software platform provides industry leading tools for REITs and retailers to manage their dynamic indoor information and build digital wayfinding experiences into their customer-facing applications.
Founded by UW Engineering alum in 2011, Mappedin is headquartered in Kitchener, Ontario. Mappedin is backed by a prodigious group of Canadian investors, most notably Esri Canada, the industry standard for GIS technologies, and is currently being utilized by clients across North America and around the world.
For more information, please visit www.mappedin.com.
