Synqy, a Pleasant Hill, CA-based provider of a new retail media solution for retailers to compete with Amazon advertising, raised $1.2m in internal funding.
The backers were not disclosed.
The round brought the total funding raised by the company to date to $6.7m in funding.
Led by Michael Weissman, CEO, Synqy provides a service that enables retailers to monetize existing e-commerce real estate through native, product-targeted advertisements.
Its patented native product advertising network dynamically matches product advertisements with the specific products being sold. It gives advertisers the ability to deliver the full, engaging brand content shoppers want, without the need for shoppers to leave the page they’re on. Often, these interactive ads inform shoppers about new products or inspire them with new recipes. Its ad network places ads as close to the time and place of purchase as possible.
The company already provides retail media services to over 2,500 retail locations and works with a dozen major grocery outlets such as Safeway and ShopRite. It also works with fast-moving consumer goods manufacturers (FMCG) including Nestle, P&G, PepsiCo, Unilever, Tyson Foods, Danone, and Keurig Dr Pepper to deliver advertisements to millions of grocery shoppers each month.