US-based inventory management software provider NewStore has collected $20m in funding from investors including Salesforce Ventures, the corporate venturing arm of enterprise software publisher Salesforce.
NewStore’s founder, Stephan Schambach, also took part in the round alongside existing investors including venture capital firms Activant Capital and General Catalyst.
Founded in 2015, NewStore has created a cloud-based software platform that allows retail stock to be managed across both e-commerce and physical outlets from a single iPhone-based interface. Salesforce plans to incorporate the functionality within its order management and commerce software products.
Schambach led a $20m round for NewStore in mid-2018, according to Xconomy, after contributing to a $50m series B round in 2017 that was led by Activant Capital with backing from General Catalyst.
NewStore had also raised $1.7m from unnamed investors in 2016 according to Bloomberg, following a $38m round in 2015 that was led by General Catalyst and which also featured Schambach and other members of its management team.