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Swiftly Systems has entered unicorn territory after announcing today that it has secured another $100 million round, this time in a Series C. The new funding was led by BRV Capital Management.
If you’re feeling a bit deja vu, you’d be right: This is the second $100 million the retail tech company has raised in the past six months — and in a strong fundraising market, too. We covered Swiftly’s 100 million Series B in March.
Most shopping technology focuses on e-commerce, but Swiftly’s technology leverages that online shopping experience to make shopping at a brick-and-mortar store just as engaging and easy. It also provides analytics and advertising so that those stores can compete with e-commerce retailers without being hampered by an aging or obsolete technology platform.
Earlier this year, we reported that Swiftly is used by hundreds of consumer brands in nearly 10,000 store locations, with more than $30 billion in total merchandise volume.
The company has committed additional capital to target 200,000 brick-and-mortar food retailers in the U.S., said Sean Turner, Swiftly’s chief technology officer, in an email, which enables retailers to “have the necessary digital platforms for both services.” They will find their customers and new customers and take advantage of the opportunity to gain market share from retail media revenues.
“The speed and scale of the tools being deployed by large retailers requires a deep commitment and investment to democratize that technology,” Turner added. “To remain relevant, brick-and-mortar retailers must grow their digital presence generationally and support it by providing customers with truly omnichannel experiences.”
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