b8ta, the retail-as-service start-up, closed a $ 19 million Series B spin led by Macy's with the participation of Sound Ventures, Palm Drive Capital, Capitaland , Graphene Ventures, Khosla Ventures and Plug and Play. Ventures. This round brings total b8ta funding to $ 39 million.
Macy's decision to lead this round comes in light of her recent partnership with B8TA to enhance the concept based on the retailer's experience called The Market. Macy's is also expanding its partnership with B8TA to launch The Market in a larger space, fully powered by Built by B8ta, which functions as a retail platform for brands that want a physical presence. The b8ta software solution includes checkout, inventory, point of sale, inventory management, personnel planning services and more.
"Testing a store with them in their store and having a very good success has given us the impression that this model would work well for them," said Vibhu Norby, CEO of b8ta, at TechCrunch.
For the outsider, there is this idea that Macy's is in trouble – in light of a pile of store closures. It was a conversation that beta had internally, Norby said.
"For example, our board of directors was not sure we had to do anything with them, but I felt like it was worth it", m & # 39; said Norby. "To put us at ease, we spent a lot of time trying to understand their business.We found that this perception in the media did not really correspond to the reality for us.The reality is Macy is the # 39, one of the most important companies in the country. "
Macy's, said Norby, is also one of the largest real estate companies in the world and has "so much real estate in all the best places."
He added, "It's not that the trade itself is dying, it's just that it's changing." The way people want to shop is in the process of change and we share the same goal by integrating the next generation of business into the space. "
In addition to the expanded partnership with Macy's, B8TA is opening new flagship stores in Chicago and Tysons Corner, Virginia. B8ta currently has more than 78 flagship stores across the country to allow consumers to discover technological gadgets in real life.