Florida Technology Seed Capital Fund Invests in flexReceipts
Funds Used to Accelerate Product Launch and Business Development Activities
Gainesville and Boca Raton, FL – March 19, 2014 - The Florida Technology Seed Capital Fund, LLC (FTSCF), a subsidiary of the Institute for Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Orlando-based flexReceipts, the leading digital receipts software application for retailers. The Institute works with Florida’s research universities and institutions to support new company creation and job growth, and helps companies bridge early funding gaps to attract additional private investment capital.
The flexReceipts solution allows retailers to connect with consumers after the transaction normally ends, at the receipt. Their enriched receipts are completely customizable, offering embedded video, product recommendations, social media links, unique discount codes and more. The application also provides analytics and insights into shopping habits and product trends.
With technology licensed from Florida Atlantic University, flexReceipts also offers a consumer portal that enables consumers to better manage their purchases with digital storage of receipts. This helps mitigate return woes as well as submission of warranty information and rebate claims, and integrates directly with retailers’ Point-of-Sale (“POS”) systems to provide retailer partners with superior data analytics and consumer engagement tools. The company plans to hire more than 30 employees over the next three years.
“flexReceipts allows retailers to ‘Go Beyond the Sale’ to better engage with their customers," said Tomas Diaz, CEO of flexReceipts. “And our consumer portal is helping those same customers manage their purchases and finances more efficiently using banking-level security standards.”
“The flexReceipts team has demonstrated strong capabilities to execute on their vision and we are pleased to support their continued progress," said Jamie Grooms, CEO of the Florida Institute. “Companies like flexReceipts that are based on technologies developed at Florida universities are creating jobs in key industries that will attract and keep top talent in Florida for generations to come.”
About the Institute
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys both company building and company funding programs to promising Florida companies. Twenty- six companies have been funded since the program’s inception.
flexReceipts, the leading enhanced digital receipts solution, offers retailers a post-sale opportunity to communicate with their customers. flexReceipt’s enriched receipts build customer loyalty and drive sales, while allowing retailers to monitor spending habits and shopping trends. The company’s patent-pending software allows retailers to add social media links, videos and customized offers to digital receipts. Go Beyond the Sale.