The Venture Codex

Led · Series A · Nov 2013

Index builds software and payments products that give physical retailers unified customer databases, personalization tools, and secure payment services to replicate online-style customer insights. Its products enable stores to identify in-store shoppers, market to them via email and other channels, and tie transactions into customer data. The company has focused on larger retailers and counts customers such as American Apparel, The Fresh Market and Fairway. Index opened for business in 2013 and was founded by Marc Freed-Finnegan and Jonathan Wall, who previously worked on Google Wallet. The company says it processes about $3 billion in sales on a run-rate that is 20x higher than a year ago, sends roughly 25 million emails per month, and is not disclosing revenues or valuation. Index is adding more features and integrations, including a partnership to integrate with Facebook’s tools for targeting ads to offline retailers. Index was founded by former Google Wallet executives Marc Freed-Finnegan and Jonathan Wall to bring online-style personalization and analytics to brick-and-mortar retail. Its core product is a software integration that installs on retailers' point-of-sale terminals to link in-store, online, mobile and social engagement and build unified customer profiles for shoppers who opt in. The technology enables linked identities, data mining beyond simple basket analysis, real-time coupon and rewards application at checkout, and personalized recommendations surfaced to cashiers or on receipts and mobile apps. Index is piloting with a small chain of cupcake stores in San Francisco and is positioning the product for top-tier brick-and-mortar retailers. The company says it earns revenue when a retailer is able to sell items through its technology. Index plans to use its Series A funding to support continued rollout with retailers and to grow the team. The startup lists retail veterans as advisors to aid business development and go-to-market efforts.