NewStore Bags $20M After Ex-Victoria’s Secret, TJX CEOs Join Board
Summary
Its previous backers include Activant Capital, General Catalyst Partners, and Stephan Schambach, NewStore’s founder and CEO. Schambach led the latest investment round, said Larry Bohn, General Catalyst managing director and NewStore board member, in an e-mail to Xconomy. The directors listed on the $20 million regulatory filing include Schambach; Bohn; Activant’s Steve Sarracino; Carol Meyrowitz, executive chair of The TJX Companies; and Sharen Jester Turney, former Victoria’s Secret CEO. [Added Bohn comment.—Eds] “Our most recent funding is the result of new members joining the board of directors, who were interested in the opportunity to invest,” according to an e-mailed statement attributed to NewStore chief marketing officer Phil Granof. The company aims to arm retailers and brands with the right mobile tools and strategies to take advantage of consumers’ increased shopping via smartphones, and compete better against Amazon (NASDAQ: AMZN).
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