Rapid systems entered unicorn territory after announcing today that it had grabbed another $100 million round, this time in a Series C. The new funding was led by BRV Capital Management.
If you’re feeling deja vu, you’re right: This is the second $100 million the retail tech company has raised in the past six months — and in a tough fundraising market, too. . We covered Swiftly’s $100 million Series B in March.
Much shopping technology focuses on e-commerce, but Swiftly’s technology taps into that online shopping experience to make shopping in a physical store just as engaging and easy. It also provides analytics and advertising, so these stores can compete with e-commerce retailers using their operational strength without being disadvantaged by an aging or non-existent technology platform.
Earlier this year, we reported that Swiftly was used by hundreds of consumer brands across nearly 10,000 stores, representing over $30 billion in gross merchandise volume.
To target the 200,000 brick-and-mortar food retailers in the United States, the company has sought additional capital which, according to Sean Turner, chief technology officer at Swiftly, via email, will enable it to ensure that retailers “have the digital platforms needed to both serve their customers and win new customers, as well as capitalize on the opportunity to gain their retail media revenue market share.
“The speed and scale of the tools deployed by the largest retailers require deep commitment and investment to democratize this technology to brick-and-mortar retailers around the world,” added Turner. “To stay relevant, brick-and-mortar retailers need to natively strengthen their digital presence and strive to deliver true omnichannel experiences to customers. »