Sydney’s thriving e-commerce enterprise, Awayco, is set to enhance its presence in the retail sector with an $11 million funding boost. This surge follows the company’s successful pilot collaboration with the globally recognized outdoor sportswear conglomerate, Patagonia. As a proponent of bridging in-store and online operations, Awayco is poised to amplify its Australian team and broaden its offerings, thanks to support from Thorney Investment Group and prominent high-net-worth investors.
From Circular Economy to Unified Solutions
Originating in 2018 as a rental software venture with a focus on the circular economy, Awayco faced a pivotal crossroads when the pandemic emerged. A strategic pivot ensued, capturing the attention of retailers worldwide. Gideon Gut-Silverman, the company’s founder and also an executive director of Happenco, explains, “The shift in consumer behavior due to COVID spurred us to rethink our strategy. Conversations with retailers revealed a unique opportunity to provide a unified solution that caters to modern consumers’ evolving needs.”
Addressing Fragmented Experiences
Retailers confront the challenge of integrating physical and digital e-commerce channels, often leading to fragmented consumer experiences and hefty technology investments. Awayco’s breakthrough lies in seamlessly integrating with retailers’ existing enterprise resource planning and point-of-sale systems. Gut-Silverman elaborates, “Our solution streamlines inventory management, data aggregation, and transaction unification across diverse platforms and channels. This allows retailers to offer innovative experiences based on consumer demand.”
Expanding Clientele and Enabling Innovation
The success story of Awayco isn’t confined to its pilot partnership with Patagonia; it has expanded its client roster to encompass diverse retailers like PETstock, Star Discount Pharmacy, Cheap as Chips, and Firewire Surfboards. Among these, PETstock stands out with over 140 stores across Australia and New Zealand. By seamlessly consolidating and managing inventory, transactions, customers, and products across physical and digital outlets, Awayco empowers retailers like PETstock to accelerate expansion and innovation.
Unifying Solutions for E-Commerce Challenges
Tom Kurlis, an advisory board member at Awayco and former CEO of Godfreys Group, underscores the uniqueness of Awayco’s approach, which tackles a range of e-commerce complexities that retailers often encounter. The synergy between Awayco’s software and retailers’ needs has resonated with major players in the industry.
Strategic Expansion and Confidence from Investors
In a strategic move to bolster its capabilities, Awayco has incorporated Barcode Solutions, a prominent Australian point-of-sale provider, under the leadership of Shanti Kumar. This acquisition enhances Awayco’s capacity to serve larger retailers with its comprehensive suite of solutions. Thorney Investment Group, led by Chairman Alex Waislitz, expresses unwavering confidence in Awayco’s trajectory, citing the software’s impressive adoption among esteemed retailers as the driving force behind their continued support.
Awayco’s recent funding injection of $11 million propels its mission to revolutionize the retail sector through unified e-commerce solutions. Originating as a rental software venture, the company adroitly shifted gears during the pandemic to cater to the changing retail landscape. Awayco’s ability to seamlessly integrate with existing retail systems, coupled with its successful partnerships with prominent retailers like Patagonia and PETstock, has positioned it as a transformative force in the evolving world of retail technology.
TL;DR:
Awayco secures $11 million in funding to advance its unified retail software solutions. Beginning as a rental software venture, the company evolved during the pandemic to address retailers’ evolving needs. By seamlessly integrating with existing systems, Awayco streamlines e-commerce operations, enabling innovative experiences. Partnerships with Patagonia and PETstock showcase its transformative impact. The acquisition of Barcode Solutions further enhances its capabilities. Thorney Investment Group’s continued support reflects Awayco’s success in reshaping the retail technology landscape.
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