US-based location-based mobile platform Retale raised $12m on Monday from existing investors including digital publishing company Axel Springer.
Retale’s remaining investors have not been disclosed. The funding was secured as part of a larger $18m round for the platform’s parent company, Europe-based web and mobile advertising firm Bonial International Group.
Bonial previously raised $67.5m from undisclosed investors, $33m of which supported Retale’s expansion in the US in 2013. Neither Bonial nor Retale have disclosed further details about previous funding rounds or revealed when Axel Springer, Retale’s largest external shareholder, first invested in the company.
Consumers can use Retale’s app and website to find deals and promotions in nearby stores. The company’s retail partners in the US include large chains such as Toys’R’Us, Target and JCPenney, and the platform is also available in Germany, France, Spain, Russia and Brazil.
Christian Gaiser, chief executive of Bonial, said: “In the US, retail circulars are a staple of the print media industry. However, as mobile adoption continues to flourish, consumers are increasingly migrating to digital channels for in-store deals and discounts.
“Retale is at the forefront of this evolution, enabling retailers to navigate new digital terrain, and we feel strongly about the potential for future growth.”