Earlier this month, we reported that Swipely was doing over $2 billion in annual sales on its small business and restaurateur analytics platform. And on Thursday, the Providence startup announced that it plans to take its scale to a new level – with the help of $20 million in Series C funding.
Pritzker Group led the round, with participation from existing investors First Round Capital, Index Ventures and Shasta Ventures. The round brings the company’s total financing to $40.5 million, and is one of the biggest private equity investments in New England this year.
“We’ve been on a real tear this past year,” the company’s CEO and founder Angus Davis told BostInno. “By any measure, we’ve been growing really quickly.”
That sounds about right.
The company is now helping merchants deepen their relationships with more than 10 million customers in 40 states. In the Northeast region, it's platform empowers acclaimed eateries like B&G Oysters, Drink, Fig & Olive and more to analyze their sales data and better market to customers. Internally, Swipely has gone from 30 to 100 employees in the past year. Increasing hiring in engineering and sales continues to be the company’s biggest focus at the moment, explained Davis.
2012 was the year for “really getting the product and market fit right,” said the executive. In 2013, the company secured $12 million; the premise became “could we put the research to use and prove it, and did we have a sustainable business model,” added Davis.
And for 2014, Swipely is zeroed in on ramping up its team and expanding its clientele. And the company has a pile of fresh capital to help it hit its marks.
Image via Forbes
