October 18, 2016
Myxx Raises $400,000 to Launch B2B Recipe Solution for Retailers
Recipe-centric technology gives grocery retailers a new way to increase online sales, expand customer reach and gain the competitive advantage
Cary, NC (Oct. 18, 2016)—Myxx announced today that it has raised a $400,000 seed round investment led by Cofounders Capital with participation from RHM Ventures. The company will use the funding to launch a recipe-centric solution for grocery retailers.
Loyalty cards, advertising and couponing have become increasingly less effective tools for grocers to use in attracting shoppers. Myxx offers a better alternative enabling grocers to offer their shoppers a branded recipe solution with ingredients mapped to available products and produce at their local store. The application tracks each shopper’s profile such as allergies, gluten-free and heart-friendly preferences, suggesting recipes and mapping ingredient lists accordingly.
This free solution provides shoppers the convenience of a single shopping list, which can all be picked up or delivered from a single store.
“Myxx gives grocers the ability to build customer engagement and loyalty while capturing 100 percent of the cart-spend and increasing margins on items like fresh produce featured recipes,” said Monica Wood, Myxx CEO.
The proprietary technology analyzes data from shoppers' browsing habits, purchase behavior, shared and previous recipe history, as well as industry and seasonal trends in order to display ideal recipes mapped with products in the grocery store fitting their preferences and goals. By understanding the shopper, retailers and brands gain valuable insights from the data sets, arming them with better targeting capabilities to more effectively allocate their spend for increased ROI. The Myxx solution seamlessly integrates into the retailers' current digital properties such as websites, mobile apps, and in-store promotions.
“The online grocery market is expected to quadruple over the next 7 years reaching $123B per year in the U.S. alone. This is a competitive industry, and is seeing rapid expansion thanks to companies like Amazon, Walmart, Blue Apron, and Target,” said David Gardner, General Partner of Cofounders Capital. “Local grocery retailers need a solution that helps them stay ahead in this new economy of convenience. Myxx is that solution and the future of online recipes.”
“We are giving the retailers and brands a voice,” said Wood. “This round of funding positions us to launch our pilots and move forward confidently as we continue to develop features and functionality, benefiting consumers, retailers and brands.”
The Myxx platform for retailers will offer two intelligent recipe solutions – an interactive shopping list and a click-n-collect model. Myxx will launch their pilot program in early 2017.
Myxx, a personalized online recipe solution, helps retailers connect with their consumers and solve "What's for dinner tonight?" by offering context to shopping through targeted recipes strategically connected to products, and easily displaying everything needed to create. The Myxx platform enables retailers to strategically influence product selection, increase online basket size, and drive new and existing customers online while giving consumers an easy and engaging shopping experience. For more information, visit www.myxx.it
About Cofounders Capital
Cofounders Capital is an early stage seed fund focused on software ventures in the Triangle. Cofounders Capital is managed by serially successful entrepreneur, David Gardner with a team of over seventy advisers and volunteer mentors who are all investors in the fund, eager to support entrepreneurship in the Triangle and to help portfolio companies and entrepreneurs succeed.
Contact: Dede Houston, COO