SAN FRANCISCO--(BUSINESS WIRE)--Skupos, the data platform for convenience retail, today announced a $26M Series B financing round. The round was led by Insight Partners with participation from Unilever Ventures, Tao Capital and prior backers Toba Capital, Dynamo Ventures, and Loup Ventures. To date, Skupos has raised $37M in venture capital. The current round will be used for ongoing product development and strategic expansion, with a focus on leveraging transaction data to innovate new revenue-driving strategies for participants in the convenience retail industry.
“We are proud to partner with Skupos to provide the resources and guidance to continue scaling and expanding the company’s market reach,” said Jonathan Rosenbaum, Vice President at Insight Partners. “Skupos has become a data hub for the convenience retail industry and we look forward to working together to create value and efficiency for retailers, distributors, and brands in order to best achieve their desired results.”
In recent months, Skupos has seen its customer base more than double from 3,000 customers to over 7,000, allowing retailers, brands, and distributors to collaborate and transition from analog to data-driven workflows.
“As we continue to grow the Skupos network, we’re thrilled to be bringing on the dual expertise of Insight and Unilever Ventures,” says Jake Bolling, CEO of Skupos.
“Digital technology is transforming nearly every aspect of the consumer journey. Unilever Ventures is focused on supporting companies that will change the way we live and work, particularly in the intersection of CPG and technology. We are excited to partner with Skupos in the process of transforming the convenience retail industry,” says Ian Lane, Investment Director of Unilever Ventures.
Skupos was founded in 2016 by Jake Bolling, Mike Glassman, and Linh Nguyen in an effort to harness data to create a frictionless connection between millions of people and the products they need. Today, the organization has expanded to serve over 7,000 retailers across the country, powering data strategy for Fortune 500 brands and driving positive business outcomes from previously inaccessible data. Skupos remains dedicated to developing cutting-edge tools that will continue to drive the industry forward.
Skupos records billions of transactions every year for forward-thinking retailers, distributors, and brands around the country. Our software unlocks efficiencies by collecting data at the point of sale in real time to provide a foundation for data-driven decisions in each segment of the convenience retail industry. Skupos works with over 7,000 retail locations across all 50 states.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Unilever Ventures
Unilever Ventures is the venture capital and private equity arm of Unilever. The fund invests globally and looks to invest in the best companies across Beauty & Wellness, New Commerce Models and Enterprise Technology. For further information, please visit: www.unileverventures.com.