Retail technology platform Swiftly has raised $100 million in a new funding round, bringing its valuation to more than $1 billion.
That’s according to a Monday (Sept. 19) Wall Street Journal report, citing sources familiar with the matter. The funding round was led by BRV Capital Management and lifts Swifty’s value to between $1.1 billion and $1.2 billion, one of the sources said.
“Fundraising is always really hard,” Swiftly Chief Technology Officer Sean Turner told the Journal. “It’s even harder in this environment.” He added that the company opted to raise more money in a Series C to scale its business.
Based in Seattle, Swiftly helps grocers, pharmacies, and convenience stores improve their websites and mobile apps. It earns income by selling ads for retailers on their sites and apps. The company was not immediately available for comment Monday.
See also: Retail Tech Firm Swiftly Raises $100M in Series B Round
PYMNTS reported in March that Swiftly had raised $100 million in a Series B funding round led by Wormhole Capital.
“Retailers need to act now to connect the digital and in-store experience and capitalize on the $100B retail media opportunity,” CEO and Co-founder Henry Kim said in March. “Those that don’t connect the digital and in-store customer experience risk becoming obsolete and are handing over loyal customers and advertising revenue to the competition.”
Read more: How to Catch the Next Wave of Digital Transformation
As PYMNTS’ Karen Webster noted recently, the connection between the digital and physical, already blurring, will soon become invisible. In the coming years, the physical realm will increasingly become more of the shopper’s digital experience.
In the grocery sector, platforms and tech will force a shift in the $11 trillion global grocery market. The divide between digital and physical is wearing thin and could collapse entirely in the next few years, even as more than 80% of groceries are still purchased in the store today.
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