A St. Petersburg-based startup focused on the financial technology sector has raised $11 million in its Series A funding round.
The company announced the raise on Tuesday. The round was led by an undisclosed family office investor “focused on fintech and payments,” according to SKUx president Bobby Tinsley. The round had participation from New York-based Advection Growth Capital and other undisclosed investors.
“We have a lot of opportunities and putting ourselves in a position to drive that and help scale that [growth],” said Bobby Tinsley, SKUx president and co-founder. “So it was a perfect amount for us right now.”
Advection will become a strategic partner with SKUx.
“We are delighted to be invested in SKUx with our capital, advisory services and our network of investors and operators,” said Greg Kennedy, founder and managing partner of Advection Growth Capital, in a statement. “SKUx is precisely the kind of transformational company Advection seeks to support and to help grow.”
SKUx has raised more than $22 million since its founding in 2018. The latest funding will help the company scale its product and keep up with market demand. SKUx offers a patented mix of blockchain and artificial intelligence to help users fight fraud and find promotional offers.
“There’s tons going on in fintech and the payment space in general, but look at the state of affairs in retail — there are all these programs trying to get to market, and our technology can power all these verticals,” Tinsley said. “It’s why the Series A is super timely to scale that up.”
The funding comes at a time of struggle for many startups, as the failure of Silicon Valley Bank coupled with a shaky economy have left many hesitant to invest in new ventures. Tinsley said working with strategic family investors who are more focused on long-term growth has helped, along with a strong vision.
“We’ve been very blessed to have amazing supporters; they got the vision early on and have been able to bring in amazing investors,” he said. “But it’s definitely had its challenges, especially with the market and especially with a Series A round. Seed funding is one thing, but bringing on strategic partners is the next level.”
He plans to have larger capital rounds come to fruition in the future but did not disclose a timeline.
The company has roughly 40 employees, which includes a mix of contractors and full-time workers. It is headquartered in the Tampa Bay Innovation Center’s offices at 501 1st Ave. and leasing a majority of the eighth floor.
