As part of the expansion process, the company also announced its new partnership with Casey's General Stores, one of the largest convenience store brands in the United States, operating 2,100 stores in 16 states throughout the Midwest.
FREMONT, CA: Customer marketing solution provider for the physical retailer, Punchh, raised USD 40 million in a Series C funding round led by Adams Street Partners and Sapphire Ventures, with participation from AllianceBernstein. The California-based startup will make use of the new funding to augment Punchh’s AI capabilities further as it expands into new verticals such as convenience stores and other physical retail segments. As part of the deal, Robin Murray of Adams Street Partners will also join Punchh’s board of directors.
"Consumers expect ubiquity of experiences online and off. In-store retail remains extremely popular and is one of the most powerful relationship-building channels ever created. However, eCommerce has changed expectations for personalization so dramatically that marketers need to incorporate AI in order to remain competitive," said Shyam Rao, CEO of Punchh. “Our platform gives retailers an unparalleled understanding of how customers engage with their brand in the real world, along with the ability to use that understanding to create AI-powered experiences that keep customers coming back for more.”
As part of the expansion process, the company also announced its new partnership with Casey's General Stores, one of the largest convenience store brands in the United States, operating 2,100 stores in 16 states throughout the Midwest. Currently, Punchh is the only company with a marketing platform designed to drive same-store sales for the physical retail experience. Punchh collects in-store data and online customer data in real-time, by integrating point of sale and eCommerce systems, to generate a 360-degree view of customers across all categories. With this business model, Punchh is able to convert a consumer to customer and customer to a loyalist.
“Punchh is the undisputed leader in this category. They work with the biggest brands, have the most sophisticated technology, and drive real results for their customers," said Robin Murray, Partner at Adams Street Partners. "While everyone else got distracted by maximizing eCommerce, Punchh took the best technologies and practices from that space and applied them to physical retail. Now the world is coming back around – just look at Amazon’s purchase of Whole Foods – and Punchh is already 10 steps ahead of the game.”