VCT News
Beringea Leads Incontext Solutions' $12 Million Series D Round
London, 02 September 2014 - Beringea LLP, the growth capital investor that manages the ProVen Venture Capital Trusts, has announced a $4 million (£2.4 million) commitment into InContext Solutions, Inc. as part of a $12m round. In Context is a Web-based company providing three dimensional ("3D") virtual store research, simulations, and software to manufacturers and retailers, including blue-chip customers such as Coca-Cola, Procter & Gamble, and Dannon
Beringea's U.S. affiliate, Beringea LLC also participated, leading the round with its $5 million (£3.02 million) investment, with further funding from U.S.-based Plymouth Venture Partners, Hyde Park Venture Partners and other inside investors. With this latest funding, InContext Solutions plans to rapidly grow and expand its virtual simulation and research presence worldwide.
Their marquee shopper marketing platform, ShopperMX™, is a SaaS (software-as-a-service) offering that allows manufacturers and retailers to collaborate over the web within a 3D virtual store simulation. The first-of-its-kind technology takes 3D visualisation to the next level with endless capabilities for testing store, aisle and category layouts, product packaging, in-store marketing or even shopper flow within a store to determine which concept is the most effective for generating demand. ShopperMX helps clients become faster, smarter and more profitable as they bring shopper and retail concepts to market. In the last year alone, ShopperMX growth increased 168 percent and continues to accelerate.
Karen McCormick, Partner at Beringea, commented: "The growing market familiarity with 3D technology is fueling the demand by retailers and manufacturers for more realistic virtual testing environments. We are excited to partner with our U.S. office to help bring InContext's industry-leading online visualization tools to the European market. We are delighted that our initial introductions to top UK retailers have led to several opportunities."
Mark Hardy, CEO of InContext Solutions, commented: "We are seeing continued growth from current clients as virtual continues to gain traction in the market. With this funding round, we will be able to exponentially boost our growth and offer enhanced virtual solutions for clients. Our plan is to increase our dedicated and knowledgeable staff, invest further in our ShopperMX technology, and support expansion into Europe."
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.