Myxx, a Cary-based company developing software that lets grocery retailers give shoppers branded recipes mapped to ingredients in the store, has raised a $400,000 seed round led by Cofounders Capital. RHM Associates participated in the fundng.
Myxx will use the funding to launch its free solution. The company says it offers an alternative to loyalty cards, advertising and coupon in that have become increasingly less effective.
The application also tracks each shoppers profile such as allergies, gluten-free, and heart friendly preferences, suggesting recipes and mapping ingredient lists accordingly. It also offers shoppers the convenience of a single shopping list which can be picked up or delivered from a single store.
“Myxx gives groceries the ability to build customer engagement and loyalty while capturing 100% of the cart spend an increasing margin on items like fresh produce featured recipes,” said Monica Wood, Myxx CEO.
The company’s technology analyzes data from shoppers browsing habits, purchase behavior, shared in previous recipe history, as well as industry and seasonal trends in order to display ideal recipes that are mapped with products in the grocery store.
The idea is that the data gives the grocers better targeting capabilities to more effectively allocate their spend for increased return on investment.
The company says it 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 seven years reaching $128 billion per year in the US 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.
He added that local grocery stores need a solution that helps them stay ahead in this “new economy of convenience.”
The company plans to launch its pilot program in early 2017.
