Mappedin closes seed extension, bringing venture capital financing raised to $3.5 million to date
Indoor mapping platform Mappedin announced that it has closed its seed extension, bringing total venture capital financing raised to $3.5 million. The financing was led by Green Century Investments with participation by Amolino and local angel investors.
Kitchener, ON-based Mappedin says that in 2015, it grew revenue by more than 500 percent and is 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 a statement from Hongwei Liu, CEO and Co-founder, Mappedin.
While announcing the new capital investment and strong financials, Mappedin also announced that it is filling two key roles, hiring Greg Barber as Vice President of Sales and Suzanne Farb as interim Vice President of Marketing. Barber was most recently Vice President of the Consumer Channels Group at Microsoft Canada. Farb was most recently the Head Merchant of Electronics and Entertainment for Target Canada.
For more on Mappedin, read this Betakit article: With new funding and senior talent, Mappedin is hungry for global growth | June 30, 2016
LaBarge Weinstein acted as counsel to Mappedin with a team that included James Smith and Taisha Lewis.