Technology

Retail tech firm Swiftly secures another $100M investment

It’s the second major cash infusion in six months for the Seattle-based firm that helps brick-and-mortar grocers grow their digital presence.
Swiftly
Photo courtesy Swiftly

Retail tech company Swiftly, which helps brick-and-mortar grocers nab customer data through branded phone apps, announced a $100 million funding round Monday—its second such investment in six months.

The Series C funding round, led by global investment platform BRV Capital Management, brings the Seattle-based startup’s valuation to more than $1 billion, the company said.

Swiftly said this latest investment will be used to expand its product offerings and grow into new areas of the country.

Swiftly debuted nationwide in 2019 following a $15.6 million investment from leaders in CPG and retail. The company works with brick-and-mortar grocery stores to provide the tools and technology to build omnichannel programs, allowing retailers “to compete against retail giants that have deployed custom-built advanced tools in the retail market,” Swiftly said in a statement.

“Our mission is to empower brick-and-mortar retailers to move from analog to algorithms, as winners in this new era of commerce will be determined by how fast they can reinvent their business to capture shoppers digitally and monetize those digital relationships,” co-founder and CEO Henry Kim said in a statement.

Swiftly currently works with retailers including Family Dollar and Save Mart.

The company partners with retailers to build digital engagement with shoppers, serving them up customized offers. In return, those retailers receive valuable consumer data.

“As e-commerce continues to surge, competition and technical complexity will make it harder than ever for brick-and-mortar retailers to stand out to consumers,” Brian Lee, a partner at BRV Capital, said in a statement. “Swiftly is enabling retailers to lead the next inflection point in e-commerce and digital advertising by harnessing the power of their first-party data, analytics and personalization to supercharge their shopping experience and retail media offerings to drive margin-rich topline growth.”

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