Looks to ramp up its progression within the convenience store industry.
Skupos Inc., an analytics platform for the c-store industry, has closed a $6.4 Million Series A round of funding led by Toba Capital with participation from Dynamo Fund, Loup Ventures, and existing investors from the company’s seed round.
The company has raised $11 million to date. This newest funding will be used to accelerate the progression into the c-store industry.
“These last two years we’ve seen Skupos evolve from three founders with a great idea into a brilliant team of thirty-plus with a crucial product and an exploding customer base,” said Patrick Mathieson, partner at Toba Capital. “What’s most remarkable is that in barely a year of selling they’ve built their footprint from zero to thousands of paying Skupos-powered c-stores across 43 U.S. states. As their footprint widens, their ability to drive efficiencies for retailers, distributors, and CPG brands grows exponentially. We deeply enjoy partnering with the Skupos team as they become one of the most important companies in the retail analytics industry.”
Jake Bolling, Michael Glassman, and Linh Nguyen co-founded the startup in 2016 to create a data hub for the $550 billion convenience retail industry to transact upon. Today, the company tracks and analyzes over 2 billion annual transactions in real time for over 2,000 customers, providing tools to retailers to increase revenue, while helping Fortune 500 CPG brands understand and forecast sales trends in the channel.
“Real-time inventory data fundamentally changes the game for convenience stores, distributors, and brands,” said Gene Munster, managing partner at Loup Ventures. “Automated retail and last mile delivery are the future of commerce, and Skupos enables their customers to benefit from these shifts.”
The company will use the new funds to continue its expansion across North America, and to hire and retain talent.
“Convenience stores see over 50% of the U.S. population on a daily basis, but the fragmented nature of the market has historically made it nearly impossible to track and understand these transactions,” stated Jake Bolling, CEO at Skupos. “To fix that, we’ve built a platform where retailers, brands, and distributors convene to derive value from previously disparate data.”