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Scanbuy Raises $5M for Mobile BarcodesScanbuy Raises $5M for Mobile Barcodes

Scanbuy completes latest financing with an oversubscribed $5 million round

April 20, 2011

2 Min Read
Scanbuy Raises $5M for Mobile Barcodes

NEW YORK -- Scanbuy, Inc. (www.scanbuy.com), the global leader in mobile barcode solutions, today announced that it has raised an additional $5 million to complete its latest round of funding. Investors for the round include Motorola Solutions Venture Capital, Hudson Ventures and a number of existing private investors.

With a 1600% increase in barcode scanning in 2010, the round was oversubscribed by the existing investors, showing strong confidence in the company's growth. Recent partnerships with major brands such as Home Depot, Miller/Coors, Bloomingdale's, and thousands of small businesses has fueled the adoption of the company's technology in the past few months. The push into additional international markets, such as France, Mexico and the UK, has also helped increase Scanbuy's market share which sees scans from over 30 countries around the world every day.

The company's ScanLife mobile app has been loaded on over 35 million devices and is increasing steadily with preloads and tens of thousands of downloads per day. It now sees millions of scans of both 2D and 1D barcodes every month through its system. The average active user scans 3-5 times a month, and half of the traffic comes from scans of UPC codes (1D barcodes) found on products which lead to purchases, coupons, and local pricing information. Codes issued through the Scanlife platform are uniquely differentiated in the variety of actions that they support, their updatability after they are printed and their interoperability to be read by all major open format 2D barcode reader applications.

"It's an extremely exciting time in the mobile barcode industry for so many reasons," said Mike Wehrs, CEO and President of Scanbuy. "The fact that we were oversubscribed, raised the investment limit and were oversubscribed again in our latest round of funding is a huge testament to the strength of our products which we have built from the ground up to carrier grade scale over the last four years. The funding we're receiving from investors is a strong sign of the positive response we're obtaining from an increasing number of customers who use our products and their confidence in our growth initiatives. We look for this trend to continue as we reach more consumers worldwide."

Scanbuy Inc.

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