Punchh, a San Mateo, Calif. – based provider of customer marketing solutions for physical retailers, raised $40m in Series C funding.
The round was led by Adams Street Partners and Sapphire Ventures, with participation from AllianceBernstein. In conjunction with the funding, Robin Murray of Adams Street Partners will also join Punchh’s board.
The company intends to use the funds to further augment AI capabilities as it expands into new verticals such as convenience stores and other physical retail segments.
Led by Shyam Rao, CEO, Punchh is a marketing platform designed to drive same store sales for the physical retail experience. By integrating with existing point-of-sale and eCommerce systems, the system collects in-store and online customer data in real time to generate a 360 degree view of customers across the entire customer lifecycle. By applying proprietary AI to this customer data, brands can create and deliver personalized journeys, which allows retailers to distribute tailored offers to drive customer lifetime value.
Nearly 200 global enterprise brands currently use Punchh’s solutions in more than 93,000 retail locations across the globe – including Yum! Brands, Denny’s and Casey’s: the company’s flagship convenience store customer.
The company has a second US office in Austin, TX and global offices across Canada, India, the United Kingdom, and Singapore.