Lighter Capital, the leading fintech lender to tech startups, announced that it has provided $400,000 to Springboard Retail, a leading cloud POS and Retail Management platform designed to help retail brands drive sales and margin. The new funding is the third tranche of financing Lighter Capital has provided the growing Boston company for a total of $1.1 million.
Springboard has quickly established itself as a leading management solution for growing brands and retailers, powering $2 billion a year in retail sales across North America,” said BJ Lackland, CEO of Lighter Capital.
BJ added “The company is a thoroughbred, exceptionally capital efficient and seeing growth at an accelerated rate. It’s exciting to be a catalyst in Springboard’s success and help them build value in their business. It’s what we do.”
Launched in 2014, Springboard Retail’s POS software and end-to-end retail management platform feature enterprise-grade customer, inventory, and order management capabilities, along with unparalleled custom reporting, APIs, and top integrations. Built with multi-channel retailers in mind, the software provides better control over sales and margin by placing actionable real-time data in the hands of every team member, from the C-suite to the store floor. Springboard Retail currently serves over 700 customers, including Rainbow Sandals, Zumiez, Nic+Zoe, Faherty Brand, Savannah Bee Company, John Craig, Southern Tide, the Philadelphia Museum of Art, and the Detroit Institute of Arts.
In September, Springboard Retail launched SpringboardTRAC, an integrated foot traffic counting solution for independent retailers. The new device offers an affordable way for users to collect real-time traffic and conversion data, view it seamlessly on the Springboard Retail sales dashboard, and – in combination with sales metrics – gain valuable insight to optimize their retail business.
“What started as a simple mission to solve my own retail POS pain points over a decade ago has today developed into a 45 employee company on the rise,” said Gordon Russell, Founder and CEO of Springboard Retail.
Gordon added, “For us, partnering with Lighter Capital was the exact right move. Thanks in part to Lighter Capital’s initial and continued financing, we’ve been able to bring talented leaders into the company, our sales have grown over 200 percent, and our business is steadily expanding – all without diluting our ownership.”
Currently, Lighter Capital is a fintech company that has created a new fundraising path for early-stage tech companies. We understand that an entrepreneur’s two greatest constraints are time and money, and we’ve developed a funding instrument that solves for both. We provide founders up to $3 million of non-dilutive growth capital in a fraction of the time it takes to raise from traditional sources. Based in Seattle, we’ve invested nearly $125 million in 270 companies across the US.
Springboard Retail is a purpose-built, robust, cloud POS and end-to-end retail management platform designed by retailers. Built specifically for growing multi-store, multi-channel brands and retailers, the software is easy-to-use, easy to deploy, and delivers actionable real-time data across all channels and functions in the enterprise. Springboard Retail drives sales and margin with POS, mPOS, full inventory, order, promotions, tax, and customer management, unparalleled reporting, analytics, and dashboards – all with portability across platforms and devices. Springboard Retail powers $2 billion annually in retail sales across North America and Mexico.