Skupos announced it has raised $26 million in Series B funding led by Insight Partners and Unilever Ventures.
The funding 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.
The round was led by Insight Partners and Unilever Ventures, Tao Capital and prior backers Toba Capital, Dynamo Ventures and Loup Ventures.
Skupos works with over 7,000 retail locations across all 50 states. Its 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.
To date, Skupos has raised $37 million in venture capital.
“We are proud to partner with Skupos to provide the resources and guidance to continue scaling and expanding the company’s market reach,” said Insight Partners Vice President Jonathan Rosenbaum. “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” said Skupos CEO Jake Bolling.
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. Skupos remains dedicated to developing cutting-edge tools that will continue to drive the industry forward.
“Digital technology is transforming nearly every aspect of the consumer journey,” said Unilever Ventures Investment Director Ian Lane. “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.”