Independent retail media platform Zitcha has raised $2.9 million in seed funding led by Australian venture capital firm OIF Ventures, launching a new phase of expansion that will see the platform scale up and officially launch in the U.S.
Software platform Zitcha connects the media assets of retail brands including email, apps, digital in-store screens, web and social media. The platform automates the purchasing of media across these channels allowing retail suppliers to connect directly with consumers at every touchpoint enabling better sales attribution.
After establishing a strong presence in Australia, Zitcha has set its sights on the U.S. market, which will be key to its expansion as the retail media industry continues its red-hot growth in the coming years. Globally, Boston Consulting Group estimates the retail media market to be worth $US36 billion and it is expected to increase to $US100 billion by 2026.
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Major brands such as Microsoft, LEGO, Asahi, Samsung and Nestle have already onboarded with Zitcha, and the business is currently in discussion with many top tier retailers that are keen to take advantage of the opportunity the platform presents. Notable retailers already utilizing the Zitcha platform through its Australian operation include Adore Beauty and New Zealand’s largest retail group, The Warehouse Group.
Zitcha co-founder and CEO Troy Townsend said: “Since Zitcha’s official launch in June, the interest from retailers in Australia and beyond has been incredible. We are rapidly scaling the business and taking it to North America, Asia and Europe. With OIF’s track record of partnering with founders and helping them launch in the U.S., they are the perfect investor for us.”
OIF Ventures Investor Oliver Darwin said: “Retail media is fundamentally shifting the digital advertising landscape, providing a high-margin revenue stream for retailers and increased ROI for advertisers. Troy and Jack have unique insight into the challenges faced in the retail media ecosystem and have built a best-in-class platform to solve them with Zitcha. We’re incredibly proud and excited to be partnering with the Zitcha team on this journey.”