Australia’s largest telco led investment in Boomtown through its Telstra Ventures arm along with investment from Capital One Growth Ventures and returning investors Nyca Partners, Commerce Ventures, Spider Capital and NHN Ventures.
Telstra has plans to use Boomtown's technology and services for its own customers in Australia.
As reported by iTWire in 2016, Telstra made its first investment in Boomtown, for an undisclosed sum, saying that the investment was an “opportunity to use proven technology and the growing popularity of digital marketplaces to make life easier for Telstra’s millions of business customers, particularly for payments and networking related issues”.
According to Boomtown, partners who have adopted Relay have seen reductions in product activation times of up to 88%, improvements in customer service handle times of 45% and Net Promoter Score increases of more than 20 points.
“The number of digital devices in distributed environments, such as retail stores, has been exploding. For instance, CPU growth in small businesses has skyrocketed in the last decade from 2 connected CPUs to over 25 on average.” said Mark Sherman, managing director at Telstra Ventures.
“This ongoing transformation represents a massive challenge that Boomtown has unique capabilities to solve. Given there are over 60 million retail store locations worldwide, the market opportunities for Boomtown are significant.”
Alfred ‘Chip’ Kahn IV, Boomtown founder and chief executive, said: “Companies that provide technology powered products are in a constant state of reaction to their customers’ challenges and for good reason – it is an increasingly complex and connected physical environment.
“This capital accelerates our ability to transform partner customer journeys from being reactive to proactive and predictive.”
Boomtown also announced the appointment of Robert HB Baldwin, Jr. to its board of directors. Baldwin also serves on the Board of Global Payments.