Swiftly, a platform for retail technology has secured $100 million in a fresh round of fundraising, boosting its worth to over $1 billion.
That is what the Wall Street Journal reported, citing people with knowledge of the situation. According to one of the sources, the investment round, which was headed by BRV Capital Management, increased Swifty’s worth to between $1.1 billion and $1.2 billion.
According to Swiftly Chief Technology Officer Sean Turner, “fundraising is usually incredibly difficult.” “In this climate, it’s extremely difficult.” In order to grow its business, the company decided to raise further funds in a Series C, he said.
Swiftly, a Seattle-based company works with retailers to enhance its online and mobile presence. By placing adverts for shops on their websites and mobile applications, it generates revenue.
In March, Henry Kim, CEO, and Co-Founder, remarked that “retailers must move immediately to connect the digital and in-store experience and capitalize on the $100 billion retail media potential.” Those that do not connect the in-store and online consumer experiences risk going out of business and losing money from advertising and loyal consumers to the competition.
The relationship between the digital and physical worlds, which is now fuzzy, will finally disappear. In the future years, the actual world will increasingly reflect the online shopping experience.
Platforms and technology will shape the $11 trillion global food industry. Despite the fact that more than 80% of groceries are still purchased in stores today, the divide between the physical and digital worlds is continuing to merge and may eventually vanish entirely in the coming years.
