San Francisco startup Skupos, a data platform for convenience stores, announced this week that it has raised a $26 million Series B and has plans to add more than 120 jobs in Denver.
The round was led by Insight Partners, with participation from Unilever Ventures, Tao Capital and prior backers Toba Capital, Dynamo Ventures and Loup Ventures. To date, Skupos has raised $37M in venture capital.
The company was founded in 2016 by Jake Bolling, Mike Glassman and Linh Nguyen and collects point of sale data in real-time to provide a foundation for data-driven decisions in the convenience retail industry.
Skupos' platform allows convenience stores to track sales revenue across stores, find out which products drive the most revenue and more for $20 per month.
The organization serves more than 7,000 retailers across the country, from gas station convenience stores like Shell, Chevron and Sunoco, to major CPG brands and national distributor Core-Mark.
The company said the recent round will be used for product development and strategic expansion, with a focus on leveraging transaction data to create new revenue-driving strategies in the convenience retail industry.
“We are proud to partner with Skupos to provide the resources and guidance to continue scaling and expanding the company’s market reach,” said Jonathan Rosenbaum, vice president at Insight Partners. “Skupos has become a data hub for the convenience retail industry and we look forward to working together to create value and efficiency for retailers, distributors, and brands in order to best achieve their desired results.”
Skupos opened its Denver office in May 2018 and has since grown the number of local employees north of 50.
Both Bolling and Glassman are CU Boulder graduates and pointed to the state's tech potential as reason to open a second office here.
"They saw Denver as a growing tech hub in the United States with strong universities and a wealth of ambitious talent, as well as a personal love for the state as a strong reason to build a team in the region," said David Hewlett, head of marketing.
In the next 12 months, Skupos will look to add at least 30 employees in sales, 75 in customer experience, 10 software engineers and 5 data scientists in Denver, Hewlett said.
"Skupos Denver is about to outgrow their second office since May of 2018," Hewlett added. "We are excited to continue growing there and will continue to be active in the community."
