SAN FRANCISCO, CA — LocBox, an AngelPad-funded San Francisco startup focused on helping local businesses retain and acquire customers, has raised $5.1 million in Series A funding from InterWest Partners, Accel Partners, Google Ventures and 500Startups, with additional participation from current and former Google, Amazon and LinkedIn executives.
The new funding round will be used to accelerate product development and customer acquisition. Keval Desai, formerly a Google Product Director and now Partner at InterWest Partners, will join LocBox’s Board of Directors…
Local business owners care exclusively about getting foot traffic and revenue but have limited options. They are overwhelmed with myriad free online marketing options that require significant investment but have tenuous ties to the bottom line. And while paid options like daily deals require no up-front investment and generate revenue, deep discounting and poor customer retention frequently make them unsustainable.
LocBox’s multi-channel marketing platform helps businesses drive sustainable, ongoing revenue and foot traffic by running targeted campaigns on email, Facebook, Twitter, and SMS – all from one centralized dashboard.
“After experimenting with a variety of deal sites and marketing products, we discovered LocBox and have generated over $30,000 in revenue with just two campaigns. We love being able to drive revenue without mass discounting.”, said Paul Jones, founder at Elements Laser Spa, a multi-location business in Austin, TX.
“Unlike their online peers who have benefited from a decade of innovation in targeted and measurable marketing, local businesses rely largely on inefficient tactics that are not directly tied to the bottom line. LocBox is fixing this by bringing the benefits of algorithmic marketing to retail merchants. This is a refreshingly different approach and we are thrilled to partner with Saumil and team.” said Keval Desai of InterWest Partners.
LocBox founder and CEO, Saumil Mehta, was most recently Director of Product at Kosmix, a web and social search company acquired by WalMart in April 2011. CTO and co-founder, Sailesh Ramakrishnan, was most recently Director of Engineering at Kosmix and a research scientist at NASA. In addition to InterWest, Accel Partners, Google Ventures, and 500Startups, the company has secured investment from notable operators like Anand Rajaraman and Venky Harinarayan of Kosmix/WalMartLabs, as well as Deep Nishar, SVP Products at LinkedIn, Manyam Mallela at WalMartLabs, and long-time Google executive Amar Chokhawala. LocBox received seed funding from AngelPad in Winter 2011.
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