Melbourne-based retail media platform Zitcha has raised $4.7 million in seed funding led by Australian venture capital firm OIF Ventures.
The platform Zitcha connects the media assets of retailers including email, apps, digital in-store screens, web and social media, and automates the purchasing of media across channels allowing suppliers to connect directly with consumers.
A number of retailers are already using Zitcha including Adore Beauty and New Zealand’s largest retail group, The Warehouse Group.
Supplier brands such as Microsoft, LEGO, Asahi, Samsung and Nestle have onboarded with Zitcha and the business is currently in discussion with a number of top tier retailers.
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 US, 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.”
Zitcha co-founder Jack Byrne said: “We’re stoked to be working with OIF. This funding will enable us to grow the opportunity even further as we capitalise on our unique position to help retailers sell any marketing channel they want, in one place with their brand front and centre while maintaining full control over first party data.”
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