LOS ANGELES--(BUSINESS WIRE)--Local ID, a local intelligence platform that provides multi-unit brands with the data, tools and process needed to maximize their local marketing efforts, announced today it has closed a $1.9 million seed round of funding led by Crosscut Ventures. Other investors in the round included Technicolor, TenOneTen, Baroda Ventures, Double M Partners, Tallwave, Wavemaker Partners and Queens Bridge Venture Partners.
Founded by a team with more than 60 years of collective retail experience, Local ID is a cloud-based platform that provides brands with unprecedented visibility into each store’s trade area. For example, surfacing local events that present timely and contextual marketing opportunities; identifying competitive intrusions; providing proactive preparation for weather events; and incorporating a wealth of other data on the hundreds of local marketing opportunities taking place each day within a store’s trade area. With brick and mortar representing 94 percent of the $4.5 trillion retail sales market according to eMarketer, Local ID gives multi-unit brands an edge in capturing a larger share of this vast but extremely competitive market.
"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,” said Alex Nocifera, Founder & CEO of Local ID. “This funding, along with the extensive outreach we’ve 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.”
Local ID is a single-source solution that will centralize all local store marketing programs, institutionalize market-specific knowledge and systemize best practices across the enterprise. The platform integrates multiple data streams and then custom curates brand opportunities for every store in the system. The core pillars include:
- Store Profiles – A dynamic database of every store in a brand’s system providing visibility into every location and activity
- People Profiles – Details, activities and insights of all employees engaged in local marketing at any level
- Relevant Opportunities – Custom curated, brand relevant opportunities in each market
- Marketing Activities – An innovative and engaging task management tool for tracking and systemizing local marketing activities
The company will use today’s funding to invest in product development, research and acquiring key talent. Nocifera previously served as founder and CEO of both Ripple TV and Circle Street, two venture-backed start-ups focused on helping big brands solve complex local challenges. Ripple TV was acquired by TargetCast Networks (now part of Brite Media Group). Circle Street was acquired by Valassis, the largest local advertising company for promotional media to retail and CPG brands
“Local ID has the opportunity to be the Salesforce.com of the trillion dollar local marketing space by solving the conundrum large, multi-unit brands face in executing successful local store strategies at the enterprise level,” said Brian Garrett, co-founder and managing director of Crosscut Ventures. “It’s a massive, untapped market and one that the Local ID team, with deep experience in RetailTech, is perfectly situated to address.”
About Local ID
Local ID is a local intelligence platform that provides multi-unit brands with the data, tools and execution capabilities needed to develop high performing local store marketing initiatives that drive same store sales. The company’s cloud-based, enterprise platform allows national retail and restaurant brands to maximize their local marketing efforts, providing unprecedented visibility at the corporate level while equipping local and regional staff with the data and tools they need to optimize results to their specific locations. With Local ID, companies can centralize all aspects of their local store marketing programs, maintain market-specific institutional knowledge and share best practices enterprise-wide. Founded by a team with more than 60 years of collective experience working with multi-unit brands, Local ID is backed by investors including Crosscut Ventures, Technicolor, TenOneTen, Baroda Ventures, Double M Partners, Tallwave, Wavemaker Partners and Queens Bridge Venture Partners. For more information, visit www.localid.io.