Startup backed by American Eagle CEO reaches unicorn status in latest funding round
Radar, a startup focused on inventory management for retailers, has achieved unicorn status after raising $170 million in its latest funding round. Founded in 2013, the company utilizes advanced technology to help retailers like American Eagle and Old Navy manage inventory and reduce theft. The innovative system has significantly improved inventory accuracy and customer service in participating stores.
- ▪Radar raised $170 million in its series B funding round, reaching a valuation of over $1 billion.
- ▪The technology allows retailers to manage inventory with 99% accuracy using RFID tags.
- ▪Retail clients have seen order cancellation rates drop from 25% to 3% after implementing Radar.
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Radar, a startup backed by American Eagle CEO Jay Schottenstein that helps retailers manage in-store inventory and cut back on theft and lost merchandise, reached unicorn status with its latest funding round, CNBC has learned. The company, founded in 2013 by Spencer Hewett, raised $170 million at a valuation of over $1 billion in its series B funding round, which was co-led by Gideon Strategic Partners and Nimble Partners with participation from Align Ventures. The company also counts Schottenstein among its investors. He said American Eagle was the first retailer to implement Radar's technology across its stores.Through Radar, "American Eagle has unlocked greater inventory visibility, empowered our associates and sharpened our insights," said Schottenstein.
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