Reach Influence, a Royal Oak-based tech analytics firm, today announced $5 million in capital investment led by Vineyard Capital Group in Bloomfield Hills and supported by Detroit Venture Partners in downtown Detroit.
“With this investment, the wind is in our sails and our course is charted — to bring the type of analytical solutions that national chains are afforded to small and medium sized retailers,” says Eric Green, Reach Influence’s CEO. “Our new board of directors has the industry breadth and technical depth to support the next phase of Reach’s growth.”
The company, which creates marketing and retail merchandising programs based on empirical studies of shopper behavior, will use the new round of investment to grow its client base, Green says.
Detroit Venture Partners will bring to the table both investment perspective and consumer-focused business experience, says Brian Hermelin, a founding partner of the venture capital firm that invests in early-stage digital technology companies.
“Being located in the Madison Block, downtown Detroit’s thriving technology hub, we are no stranger to high-quality, innovative tech companies,” Hermelin says. “We knew from the minute we connected with (Reach Influence) that their unique approach to analytics would be a great addition to our portfolio, and we are excited to partner with them as they continue to grow.”
Vineyard, which led and participated in the current round of financing, has been investing in Reach Influence since 2012.
“The executive team at (Reach Influence) has done a terrific job in gaining hundreds of new locations and simultaneously establishing a new standard in analytics and integrated data services for the independent retailer,” says Richard Helppie, Vineyard Capital Group’s managing partner. “Along with management, we are very pleased to welcome new investors to this fast-growing enterprise.”