Swiftly Systems today entered unicorn territory after announcing it had won another round of $100 million, this time a Series C. The new funding was led by BRV Capital Management.
If you’re feeling some deja vu, you’re right: It’s the second $100 million raised by a retail technology company in the last six months — and in a tough fundraising market, too. We covered Swiftly’s $100 million Series B in March.
Much of shopping technology focuses on e-commerce, but Swiftly technology makes that online shopping experience as engaging and easy as shopping in a brick-and-mortar store. It also provides analytics and advertising so that those stores can use their operational power to compete with e-commerce retailers without being disadvantaged by an aging or defunct technology platform.
Earlier this year, we reported that hundreds of consumer brands were using Swiftly in nearly 10,000 store locations, with over $30 billion in gross merchandise volume.
To target 200,000 brick-and-mortar food retailers in the U.S., the company pursued the additional capital, which will enable retailers to “ensure they have the digital platforms necessary for both services,” Swiftly Chief Technology Officer Sean Turner said via email. Take the opportunity to gain their customers and new customers as well as their market share in retail media revenues.
“The speed and scale of the tools being implemented by the largest retailers requires a deep commitment and investment to democratize that technology for brick-and-mortar retailers around the world,” added Turner. “To stay relevant, brick-and-mortar retailers must grow their digital presence locally and lean towards providing consumers with truly omnichannel experiences.”