- Convenience retail data platform company Skupos recently announced it more than doubled its customers and raised $26 million in funding.
Skupos is a data platform company for convenience retail. Essentially, Skupos provides a software platform that records billions of transactions every year for retailers, distributors, and brands all over the country. Skupos integrates its platform into the cash registers at retailers and analyzes the transactions in order to generate actionable insights.
Recently, the company announced a few milestones. And Skupos announced recently that it raised $26 million in Series B funding. This round was led by Insight Partners. And Unilever Ventures also participated in this round along with Tao Capital and prior backers Toba Capital, Dynamo Ventures, and Loup Ventures. Including this round, Skupos has raised $37 million in venture capital.
“As we continue to grow the Skupos network, we’re thrilled to be bringing on the dual expertise of Insight and Unilever Ventures,” says Jake Bolling, CEO of Skupos.
The funding round will be used for ongoing product development and strategic expansion. Plus the company will have a focus on leveraging transaction data to innovate new revenue-driving strategies for its customers in the convenience retail industry.
“We are proud to partner with Skupos to provide the resources and guidance to continue scaling and expanding the company’s market reach,” said Jonathan Rosenbaum, Vice President at Insight Partners. “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.”
Another milestone that Skupos announced is that it has seen its customer base more than double from 3,000 to over 7,000 thus further allowing retailers, brands, and distributors to collaborate from analog to data-driven workflows.
Now Skupos powers data strategy for many Fortune 500 brands and drives positive business outcomes from previously inaccessible data. Plus it remains dedicated to developing cutting-edge tools for continuing to drive the industry forward.
“Digital technology is transforming nearly every aspect of the consumer journey. 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,” explained Ian Lane — Investment Director of Unilever Ventures.
Bolling founded Skupos with COO Michael Glassman and CTO Linh Nguyen in 2016. And Forbes Under 30 Assistant Editor Alexandra Sternlicht put together an interesting profile piece about Skupos where it was revealed that Bolling owned his first company at the age of 25 — which involves the red gasoline cans that people keep in case drivers run out of gas.
Bolling had studied finance and Chinese at at the University of Colorado, Boulder. But he dropped out of college with only three credits left to finish his degree to work in China as a supply chain consultant. Several years later, Bolling and Glassman figured that a number of CPG product companies would end up becoming distressed so they started purchasing them. With the purchase of the red gas can product, it led to their interest in the convenience store market.
When Skupos first started out, the three co-founders started making cold phone calls from their office at 5 AM to East Coast-based retailers around the country and ending it with West Coast-based retailers. Their first sale was Pier 23 in Au Gres, Michigan. Now the company has 19 distributor partners around the country.
Now a lot of business for the company is inbound. And many brands want to work with Skupos. Now Skupos has 105 employees based out of Denver and San Francisco.
