ARC Angel Fund invests in Radius8, a $1M round led by Brooklyn Bridge Ventures
Radius8 marks the 4th Investment by ARC Angel Fund II.
NEW YORK - May 26, 2016 -- Today, ARC Angel Fund announced its 4th investment from the NYC-Based Angel Fund. ARC has invested in Princeton, NJ-based Radius8, a startup SaaS Company with a technology platform that creates a direct connection from any consumer's device to the physical retail store that's closest to them. The round was led by Brooklyn Bridge Ventures and had participation from Commerce Ventures and Tigerlabs.
Founded in 2016, Radius8 officially launched this week at the Shop Talk Conference in Las Vegas. The retail tech startup also announced its first launch partner, Guess, Inc., which will be rolling out Radius8 technology across their stores nationwide this summer. Instead of consumers having to drill down on a retailer's e-commerce site to see if items are available locally, Radius8 enables instant access to the store's best-selling inventory, local buying trends, and store-only deals that drive traffic and sales right into the store.
"We're thrilled to be working with ARC," said Sandeep Bhanote, Radius8 co-founder and CEO, "We believe that combining the expertise and expansive angel fund like ARC, with the talent of the team at Radius8, will accelerate bringing this game changing technology to the retail marketplace."
"We are excited to invest in such an amazing entrepreneur," said Mike Kelley, Managing Partner, ARC Angel Fund. "Sandeep is a proven and successful entrepreneur with incredible drive and tenacity. This, combined with a novel idea that solves a real problem, are the things we find most important when we evaluate an opportunity at ARC."
ARC Angel Fund launched its first fund in 2010 as the first Angel Fund in NYC. The goal is to bring in both experienced angel investors and those new to investing in startups, but have a tremendous amount of business and operating experience. This strategy increases the knowledge and protections of new Angel Investors by operating as a professional fund led by experienced Angels and VCs. Its members, both new and experienced, have the same goal of meeting and investing in new technology companies in the NY area. With 70 Investor members, ARC Angel Fund I invested in 25 companies and has had 4 exits so far, including OfferMobi (acquired by MokoMobi), UpNext (Acquired by Amazon), Human Demand (Acquired by IgnitionOne) and Kanvas (Acquired by AOL). ARC Angel Fund II, launched in 2015, now has over 40 Investor members, has invested in 4 companies so far and is actively seeking new opportunities to invest in.
Radius8 is the only retail cloud platform that revolutionizes the way consumers interact with local retail stores. By enabling "Brick and Mortar" stores to digitally broadcast inventory at a hyper-local level, the R8 Platform drives on-demand foot traffic into stores that need the traffic the most while generating high-value Online-to-Offline (O2O) conversions. Headquartered in Princeton, NJ, Radius8 was founded in early 2016 by a team of retail technology experts with the goal of transforming the role of the store in today's tumultuous retail landscape.
Prior to co-founding Radius8, Sandeep Bhanote was the co-founder and CEO of Global Bay Mobile Technologies, a pioneering mobile platform for the retail enterprise which transformed the in-store landscape by delivering integrated MobilePOS, high service-level Clienteling, Inventory Management and other robust omni-channel capabilities. Global Bay was acquired by Verifone, Inc., in 2011 and subsequently became part of enterprise retail software leader Manhattan Associates in 2014, and serves as the basis for their in-store omni-channel offering.
About ARC Angel Fund
ARC Angel Fund invests in seed- and early-stage companies with high growth potential. ARC Angel Fund invests in industries with which its members have experience, with investments averaging $50,000 to $250,000 each, over the life of the investment. ARC Angel Fund is a member-led Angel Fund. An Angel Fund is, in essence, a hybrid model between an Angel Group and a Venture Fund. The members of ARC Angel Fund range from experienced Angel Investors and Partners in VC Funds, to executives of successful companies. Our members bring their own expertise to the table and can actively participate as much as they like in the Fund's investment decisions, and can personally invest alongside the fund. For more information visit, http://www.arcangelfund.com/
Joe Rubin, ARC Angel Fund