Fast systems entered unicorn territory after announcing today it won 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 tech company has raised from retail in the past six months — and also in a tough fundraising market. We covered Swiftly’s $100 million Series B in March.
Much of the retail tech is e-commerce-centric, but Swiftly’s technology leverages that online shopping experience to make brick-and-mortar shopping just as attractive and convenient. It also provides analytics and advertising so that those stores can compete with e-commerce retailers using their operational strength without being penalized by an aging or non-existent technology platform.
Earlier this year, we reported that Swiftly was used by hundreds of consumer brands in nearly 10,000 retail locations, generating more than $30 billion in gross trading volume.
To target the 200,000 brick-and-mortar food retailers in the US, the company sought additional capital that Sean Turner, chief technology officer at Swiftly, said via email will ensure retailers have “the digital platforms they need.” both service their customers and acquire new customers, and also seize the opportunity to increase their market share in the retail media revenue.”
“The speed and scale of the tools deployed by the largest retailers require a deep commitment and investment to democratize that technology for brick-and-mortar retailers around the world,” Turner added. “To stay relevant, brick-and-mortar retailers must naturally boost their digital presence and focus on providing true omnichannel experiences for customers.”