Level Equity invests $27 million in Canadian software firm Salesfloor

23 Jun '21
3 min read
Pic: Salesfloor
Pic: Salesfloor

Salesfloor, Canadian industry-leading mobile clienteling and virtual selling platform for store associates, has completed its Series B fundraising round with a $27 million investment by New York-based company, Level Equity. Level Equity is a growth equity firm which is focused on providing capital to rapidly growing software and internet companies.

Salesfloor will use the new funds to develop new platform features, expand to international markets and grow the team across all departments. Stikeman Elliott provided legal counsel services to Level Equity. Fasken Martineau served as legal counsel to Salesfloor, the company said in a media statement.

Founded in 2014, Salesfloor is a tool used by store associates to serve and sell to shoppers via live chat, video, email, text messaging and appointments. Global retailers like Saks Fifth Avenue, Buybuy Baby, Holt Renfrew, Bloomingdale’s, Ben Bridge Jeweler, and Chico’s use Salesfloor to bridge the gap between online shoppers and in-store associates, resulting in a 10x lift in sales conversion rates and 50 per cent increase in average order values. As of Q1 2021, the company doubled revenue and grew its customer base 67 per cent year over year. Today 50,000+ store associates from retailers across the world use the Salesfloor platform.

“We are very pleased to have Level Equity as an investor and welcome them to our Board as we begin the next chapter of growth at Salesfloor. Evolving the role of in-store associates has become a winning strategy for brands around the world. With the support of experienced partners like Level Equity, we are confident we will continue to lead the industry and continue to help our clients deliver results for their customers,” Oscar Sachs, co-founder and CEO at Salesfloor said in a statement.

“Salesfloor has proven itself to be a leader in retail technology and a top vendor for some of the best brands in retail. Salesfloor’s team has grown the business impressively, having recently expanded its solution and customer base with a highly efficient use of capital. We are excited about working with the Salesfloor team on their continued growth prospects,” Charles Chen, partner at Level Equity said.

“As stores around the world begin to re-open, companies are rethinking what tools are needed to engage customers in a post-pandemic economy. This year, digital clienteling and virtual selling interactions on the Salesfloor platform are up 310 per cent vs last year and in Q1 2021, platform transaction volumes surpassed $2 billion,” Ben Rodier, co-founder and chief client officer at Salesfloor said.

Fibre2Fashion News Desk (GK)

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