US-based Boomtown, which makes it easier for companies to sell, activate, and support their business technology products at scale, has raised $12 million in a Series B funding round led by Telstra Ventures.
According to a statement, the funding round was joined by Capital One Growth Ventures and returning investors Nyca Partners, Commerce Ventures, Spider Capital and NHN Ventures.
The Series B financing will further accelerate the company’s continued growth as well as its ongoing investment in its Relay Software-as-a-Service (SaaS) platform, it said.
“The number of digital devices in distributed environments, such as retail stores, has been exploding. For instance, CPU growth in small businesses has skyrocketed in the last decade from 2 connected CPUs to over 25 on average,” said Mark Sherman, Managing Director at Telstra Ventures.
“This ongoing transformation represents a massive challenge that Boomtown has unique capabilities to solve. Given there are over 60 million retail store locations worldwide, the market opportunities for Boomtown are significant,” Sherman added.
Boomtown also announced the appointment of Robert HB Baldwin, Jr. to its board. Baldwin also serves on the board of Global Payments.
Telstra Ventures is backed by Telstra, one of the 20 largest telecommunications providers globally, and HarbourVest, one of the world’s largest private equity funds. With offices in San Francisco, Sydney, Melbourne and Shanghai, the venture capital firm has invested in over 50 companies since its inception in 2011.