SAN FRANCISCO -- Skupos, a data analytics platform for the convenience-store industry, closed a $6.4 million Series A round of funding led by Toba Capital, with participation from Dynamo Fund, Loup Ventures and existing investors from the company’s seed fund. The company has raised $11 million to date. The newest funding will be used to accelerate the company’s progression into the c-store industry.
Jake Bolling, Michael Glassman and Linh Nguyen co-founded the startup in 2016 to create a data transaction hub for the $550 billion convenience retail industry. Today, the company tracks and analyzes more than 2 billion annual transactions in real time for more than 2,000 customers, providing tools to retailers to increase revenue, while helping Fortune 500 consumer packaged goods (CPG) brands understand and forecast sales trends in the channel.
“Real-time inventory data fundamentally changes the game for convenience stores, distributors and brands,” said Gene Munster, managing partner for Loup Ventures. “Automated retail and last-mile delivery are the future of commerce, and Skupos enables their customers to benefit from these shifts.”
The company will use the new funds to continue its expansion across North America and to hire and retain talent.
“Convenience stores see over 50% of the U.S. population on a daily basis, but the fragmented nature of the market has historically made it nearly impossible to track and understand these transactions,” said Bolling, CEO of Skupos, San Francisco. “To fix that, we’ve built a platform where retailers, brands and distributors convene to derive value from previously disparate data.”
Founded in 2016, Skupos provides retailers, distributors and CPG brands with insight into movement in the $550 billion in annual sales that flow through the channel. Skupos’ software unlocks efficiencies, enabling data-driven decisions across teams in each area of the industry. More than 2,000 customers use the Skupos platform.