Local ID, a marketing startup that serves big brands like Walmart and Starbucks, has secured $1.9 million in seed round funding.
Launched last year by Marina del Ray, the startup company provides services to simplify the marketing tasks of big brands with its cloud-based platform that helps to store data and knowledge of the whole company in one place rather than residing with one individual employee. According to the CEO of the startup Alex Nocifera, the company aims to assist big companies manage their marketing across various locations. He said, “Even for a large chain, it’s often the local data that matters: ‘Major chains love local.'”
As an example Nocifera quoted Peet’s Coffee which aims to become the ‘community coffee shop’ for many communities. This means creating different campaigns for different community, which poses hurdles and challenges. Even Walmart functions in various locations which means thousands of different layers of content are needed to hold the competitive edge in the market. A regional manager can use the Local ID to customize a ad campaign and check whether it has helped to attract customers to the store.
The product of Local ID takes in more than a billion real-time data items which includes items like local events, competitors move, season etc, and then customizes the marketing opportunities for every individual store. The product features database of separate stores, employee profiles who take part in local marketing, customized marketing prospects and a marketing tool for tracking and systematizing local marketing activities. With majority of brick and mortar in the retail sales market which is 95% of the $4.5 trillion retail market, the startup Local ID gives a competitive edge for the companies with multi-unit brands in getting hold of a larger share of this vast market.
Nocifera said, “Local ID is the first local intelligence platform designed to solve at-scale local store marketing for large brick and mortar brands. Our dynamic, enterprise platform will increase same store sales and traffic for our customers by systemizing the way they plan, execute and track their local marketing activities.” He also added, “This funding, along with the extensive outreach we have done over the last year with large brands, has validated the timeliness of our solution to solve brands’ decentralized, inefficient inability to execute and measure local marketing at scale. Overall, I could not be more excited about our team, the early market signals and the product we are taking to the market.”
The recent seed round funding was led by Crosscut Ventures with additional investment from Technicolor, TenOneTen, Baroda Ventures, Double M Partners, Tallwave, Wavemaker Partners and Queens Bridge Venture Partners. The funding was first disclosed in a regulatory filing.