Pointy to expand after hitting key US retail milestone
Dublin retail technology startup Pointy plans to hire more staff and expand further after it reached a milestone of being adopted by 1pc of all retailers in the US.
The company, established here in 2014, has raised more than $19m (€16.6m) in funding so far and has ambitions to raise further capital. Pointy's main investor is Noel Ruane's Polaris Partners, while late Microsoft co-founder Paul Allen also invested through his Vulcan Capital firm.
Pointy makes technology which connects the inventory of local shops to online e-commerce channels. It makes a 'Pointy Box' which connects to a shop's barcode scanner and lists the shop's products online, optimising them for search engines, so when people search for products, they find results from local stores and not only on Amazon or other online specialists.
The company's chief executive, Mark Cummins, said the product has "exploded" in the US. "The big announcement is that we've crossed 1pc of all retailers in the US," he said.
"The core is that it solves a problem a lot of people have. It's a very common problem - a lot of retailers have no real online presence. They might have a Facebook page or a Yelp profile, but not displaying their inventory online."
Cummins also dismissed Sport Direct boss Mike Ashley's view that the high street is dead. "The UK is taking a battering but I think you're seeing a mixture of Brexit and other factors there."