Swiftly achieves Unicorn status with $100M Series C led by BRV Capital

Swiftly Systems has reportedly achieved unicorn status, securing in funding through a Series C round. The prominent BRV Capital Management led this funding initiative.

According to the earlier reports, Swiftly was adopted by hundreds of consumer brands across nearly 10,000 store locations, contributing to a substantial gross merchandise volume exceeding $30 billion.

While much of the focus in the realm of shopping technology revolves around e-commerce, Swiftly's innovative technology leverages the online shopping experience to enhance the in-store shopping process, making it equally engaging and convenient. Furthermore, it offers valuable analytics and advertising solutions, empowering traditional brick-and-mortar stores to compete effectively with e-commerce giants. This enables them to harness their operational strengths without being hindered by outdated or non-existent technology infrastructures.

Notably, Swiftly's Series B bagged funding of $100 million in March, which was led by Wormhole Capital. The injection brough the total funding to an impressive $120 million. Notable participants in the funding round were Liquid2 Ventures, Silicon Ventures, Bramalea, Proof VC, Western Technology Investment, Sand Hill Angels, Gaingels, and The Martin Family.

In pursuit of its goal to serve the 200,000 brick-and-mortar food retailers in the United States, the company sought additional capital. Sean Turner, Chief Technology Officer at Swiftly, expressed via email that this capital infusion would play a pivotal role in ensuring that retailers possess the essential digital platforms to serve existing customers, attract new ones, and tap into the lucrative retail media revenue opportunities.

Turner emphasized that to ensure rapid deployment of advanced tools, major retailers need to offer a significant commitment and investment, so as to democratize the technology for brick-and-mortar retailers worldwide.

Industry experts applauded the announcement and added that to stay relevant in the evolving retail landscape, traditional brick-and-mortar retailers must proactively enhance their digital presence and embrace true omnichannel experiences for their customers.

Credit source: https://techcrunch.com/2022/09/19/retail-tech-swiftly-valued-at-1b-100m/