Reprise 62m Iconiq Growthsawersventurebeat: A new round of funding has been announced for Reprise Inc., the company that offers in-store product demonstrations and tours. This round of investment is worth $62 million USD and was led by Iconiq Capital.
Reprise started out as a service to help brands sell product and demonstrate them. When a customer visits your store, they use the product, which is connected to the digital catalog. You can then demo the product using an app on their phone along with information on exterior design and other attributes. The company claims that 83% of customers will not buy this way, but they do tend to buy more of what they see demonstrated by making quality recommendations to friends and family on social media.
The reason why this round of funding was led by Iconiq Capital is because they see this as a great investment in the retail field. It has also been reported that Meeshu Sekhri, general partner at Iconiq and a former investment banker, will be joining the board of directors.
These investors believe that Reprise’s $62M worth of funding will help it in its plans to expand internationally. The company is currently present in 12 countries, including the United States, Canada, and China. They plan to offer one of their services in each of these countries in the next year or two.
Reprise plans on using the money they raise from this round of funding to use it towards its international expansion, which will allow them to have a presence in more countries, thus increasing the number of customers that can witness their demonstrations and the sales that result from it.