- Popspots, a company that is building the operating system for grocery retail, announced that it raised $5 million in Series A funding
Popspots — a company that is building the operating system for grocery retail to improve the way brands and retailers manage and market their products in-store — announced that it has raised $5 million in Series A funding led by Silverton Partners. Private investors including Texas-based accelerator Capital Factory also joined this round.
Launched in 2016, Popspots Solves the core challenges in the grocery industry such as out-of-stock tracking, planogram management, and in-store marketing. Popspots has 25 retail partners and it on track to be in over 1,500 stores nationwide within the next year.
Popspots’ smart displays provide video advertising (under the name ‘Grocery TV’) in grocery checkout aisles and merchandising services like out-of-stock tracking and planogram management. And brands and retailers use video advertising on the displays to engage customers at the checkout and lift sales on average by 13%. The displays also use integrated cameras to monitor the shelves for missing or out-of-stock items.
“Out-of-stock products cost retailers billions each year, so we created a product that not only reduces losses, but also encourages sales at the checkout,” said Popspots co-founder and CEO Marlow Nickell. “We chose that location because every customer visits the checkout and spends more time there than any other area of the store.”
While paired with the displays, the Popspots web platform gives brands and retailers visibility into how their products and advertising campaigns are performing in stores. And on the advertising platform, brands like Red Bull and Ferrara create campaigns, track engagement with creative, and view audience targeting. Plus the merchandising platform, brands and retailers like Bashas’ and SpartanNash monitor out-of-stock and planogram compliance rates at the retailer, store, and product levels.
“Popspots is disrupting the way manufacturers and retailers manage their products in-store,” added Cort LaMee, Divisional Vice President at the Meredith Corporation. “Their merchandising product has been a game-changer for Meredith by providing timely and actionable reporting on retail planogram, fixturing, and product placement issues. All of these metrics directly affect both our top and bottom lines.”
“We’re impressed by the growth Popspots has achieved both with brands and retailers so far. Our team is excited to be their partner, and support them as they continue to scale,” explained Silverton Partners Principal Roger Chen.
Popspots is led by co-founders Nickell, Donald Oelke, and Edward Cates. And the team of 14 also includes two grocery veterans: Lance Oelke and Crest Oelke.
