Mobile solutions provider 5th Finger targets further US growth
Tuesday, October 18, 2011/
Australian-founded mobile solutions provider 5th Finger has set its sights on store-based retailers in the United States, after being named the eighth fastest-growing company in San Francisco by Inc.com.
Inc.com, a US-based online magazine for entrepreneurs, recently published the 2011 Inc. 500, a list of the fastest-growing companies in the United States.
The list is ranked according to percentage revenue growth from 2007 to 2010. To qualify, companies must have been founded and generating revenue by March 31, 2007.
Additionally, they must be US-based, privately held, for profit and independent – excluding subsidiaries or divisions of other companies – as of December 31, 2010.
Profiled earlier this year by StartupSmart, 5th Finger is a wholly owned Australian company but operates solely in the US.
In 2008, it raised $7 million in venture capital finance from Melbourne-based Starfish Ventures to bring its technology to the US market. The company is based in San Francisco and employs about 25 people.
According to Inc.com, 5th Finger’s revenue grew by 1,752% between 2007 to 2010, translating into $2.6 million.
This ranks the company as the 168th fastest-growing company in the US and the eighth fastest-growing company in San Francisco.
5th Finger chief executive Patrick Collins says appearing in the Inc. 500 list is not only a testament to the company’s growth, but validates its belief that mobile is going to revolutionise the retail store environment.
“We are very passionate about the opportunity to use the mobile phone for store-based retailers to turn shoppers into buyers. We’ve helped a number of retailers this year including Safeway Inc.,” Collins says.
“Safeway are using our software platform RedShop, which is the best in market for distributing personalised coupons, purchase products and finding stores.”
“Our real goal is to solve the problem of ‘I couldn’t find anything I liked’ when standing in the store. The mobile phone is truly the best channel for a retailer to engage with their consumer and the responses we’ve had have been overwhelming.”
Collins says while the company has been nervous about the current economic climate in the US, it doesn’t compare to the peak of the global financial crisis in 2009.
“Our biggest challenge right now is hiring amazing people to deliver against the growth we’re achieving,” he says.