Retail Tech Platform Swiftly Hits $1B Valuation

Retail expertise platform Swiftly has raised $100 million in a brand new funding spherical, bringing its valuation to greater than $1 billion.

That’s in line with a Monday (Sept. 19) Wall Street Journal report, citing sources acquainted with the matter. The funding spherical was led by BRV Capital Management and lifts Swifty’s worth to between $1.1 billion and $1.2 billion, one of many sources mentioned.

“Fundraising is always really hard,” Swiftly Chief Technology Officer Sean Turner advised the Journal. “It’s even harder in this environment.” He added that the corporate opted to lift more cash in a Series C to scale its enterprise.

Based in Seattle, Swiftly helps grocers, pharmacies, and comfort shops enhance their web sites and cellular apps. It earns revenue by promoting advertisements for retailers on their websites and apps. The firm was not instantly out there for remark Monday.

See additionally: Retail Tech Firm Swiftly Raises $100M in Series B Round

PYMNTS reported in March that Swiftly had raised $100 million in a Series B funding spherical led by Wormhole Capital.

“Retailers need to act now to connect the digital and in-store experience and capitalize on the $100B retail media opportunity,” CEO and Co-founder Henry Kim mentioned in March. “Those that don’t connect the digital and in-store customer experience risk becoming obsolete and are handing over loyal customers and advertising revenue to the competition.”

Read extra: How to Catch the Next Wave of Digital Transformation

As PYMNTS’ Karen Webster famous lately, the connection between the digital and bodily, already blurring, will quickly turn into invisible. In the approaching years, the bodily realm will more and more turn into extra of the consumer’s digital expertise.

In the grocery sector, platforms and tech will pressure a shift within the $11 trillion international grocery market. The divide between digital and bodily is sporting skinny and will collapse totally within the subsequent few years, at the same time as greater than 80% of groceries are nonetheless bought within the retailer at the moment.

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