A retail technology platform just raised $100 million in a new round of funding, increasing its value to over $1 billion.
According to the Wall Street Journal, which also cited informed sources, this is what happened. According to one of the sources, Swifty’s value climbed to between $1.1 billion and $1.2 billion as a result of the financing round, which was led by BRV Capital Management.
Sean Turner, chief technology officer of Swiftly, said that collecting money “is typically really challenging.” “In this environment, it’s quite challenging.” The business made the decision to acquire additional cash in a Series C in order to expand, he added.
A Seattle-based startup called Swiftly collaborates with merchants to improve their online and mobile presence. It makes money by running advertisements for stores on its websites and mobile applications.
In March, Henry Kim, the company’s CEO and co-founder said that “retailers need to move immediately to connect the digital and in-store experience and capitalize on the $100B retail media potential.” Those that don’t connect the in-person and online shopping experiences face the risk of failing, losing out on advertising revenue and loyal clients to the competition.
The connection between the actual and digital worlds, which is now fuzzy, will finally disappear. In the future years, the actual world will more closely resemble the online shopping experience of consumers.
Platforms and technology will drive a change in the $11 trillion global food business. Despite the fact that more than 80% of groceries are still bought in stores today, the gap between the physical and digital worlds is beginning to blur and may potentially disappear totally in the coming years.
