Batch will use the funding to expand its QR code platform. Here are the top-line bullets you need to know.
Batch, a QR code startup, has raised $5M in a seed round that drew participation from Coatue Management, Seven Seven Six, and Shrug Capital among others.
How’s the company performing?
- New York-based Batch leverages its QR code platform to allow customers to re-order from retailers with one click using Apple’s App Clip technology.
- Users can scan Batch’s QR codes to reorder items with one tap, as long as the retailer has labeled items with Batch’s codes. The QR codes can be integrated with a wide range of items such as out-of-home adverts, direct mails, and t-shirts.
- Batch powers physical commerce for brands like Wandering Bear, Nuggs, Amass, and Red Antler.
Why does the market matter?
- The QR code labels market is projected to grow at a CAGR of 5.6% and reach a value of $1.27B, as per Cowboy Channel.
- The global usage of mobile payments is estimated to expand to $1.3T by 2022.
- Ease of use, integration across industries, and the pandemic-induced growth of contactless technology usage have all contributed to the industry’s growth.
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