Intale raises $2.5 million in new funding round, rebrands flagship product
Intale, has announced that it raised $2.5 million in a round led by European investor and entrepreneur Alexander Rittweger. The funds will be used for further product and business development in line with the company’s vision which is to connect and unify the Retail Market. Intale has raised a total of $3 million to date.
Intale develops integrated cloud solutions that improve the operations of small retail shops and convenience stores. Its flagship product, formerly known as i-kiosk is currently re-branding to Intale Point. The commercial launch of Intale Point is planned for the end of 2015.
Fanis Koutouvelis, founder and CEO of Intale said, “We are very pleased with this new round of funding, especially since our new shareholder will be instrumental in guiding us to develop our unique offering and to market it successfully at a global scale. For now, our focus is solidly on the Greek market, to successfully serve an ever increasing number of small retailers, which are the foundation for any future global rollout”.
Mr. Rittweger said, “I am pleased to support Intale’s efforts to revolutionize the small retail shop industry with a best-in-class SaaS platform that will allow the links in the supply chain to communicate with each other more efficiently for the benefit of all involved. I am impressed with what Fanis and his team have achieved so far and I look forward to working with them to achieve even more”.
The Piraeus Bank PJ Tech Catalyst fund which led the previous round of funding also participated in this round.
Intale was started in 2013 by a team of energetic under 30 entrepreneurs who saw 1990s technologies were still being used by a very large market of small retail shops. The Intale team set out to bring this industry to the era of the cloud, developing solutions which will forever change the way the supply chain will work. The company has raised $3 million to date, which will allow it to pursue its vision both in the domestic arena and at a global scale.
About Alexander Rittweger:
Alexander Rittweger started PAYBACK in 1998 and turned it into the world´s largest coalition loyalty platform with over 70 million active members in Germany, Italy, India, Mexico and Poland. In 2011, he sold the majority in the business to American Express, in a transaction that valued the company at $1.4Billion. He continues business life as Angel Investor focused on global B2C and B2B retail platforms.
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