Skupos Announces New Funding from Brex Asset Management and SQN Venture Partners
Skupos closed a new $22.5M funding deal with Brex and SQNVP to connect consumer brands with the largest network of convenience stores in the United States
DENVER, March 20, 2023 /PRNewswire-PRWeb/ -- Brex Asset Management and SQN Venture Partners join forces on a new $22.5M investment in Skupos, a leading data platform serving independent convenience stores, brands, and distributors. This new capital will help Skupos expand their footprint of independent convenience stores across new and existing markets.
This deal marks continued momentum for Brex Asset Management and its affiliated fund, which U.S. fintech company Brex launched in September 2021 as a way to provide companies with growth capital and to help founders take their businesses to the next level. In partnership, Brex Asset Management and SQN Venture Partners selectively provide capital to scalable, high-growth startups with strong recurring revenue in expanding sectors. "Skupos has built the largest network of independent convenience stores in the United States, and with it, a proprietary data set that is difficult to replicate. The tools and insights generated by their network give brands true visibility and granular business intelligence," said Benjamin Wu, CEO of Brex Asset Management. "We're excited to partner with Jake and the rest of the Skupos team through this expansion phase."
"SQN is thrilled to join forces with Brex Asset Management and provide Skupos with growth capital to facilitate its growth in 2023 and beyond. Jake and his team have built a peerless set of tools for convenience stores and brands to maximize customer engagement and enhance visibility into store-level data," said Ryan McCalley, Founder & Managing Partner of SQN Venture Partners. "Skupos is the ideal matchmaker for independent convenience stores and brands, and we're excited to be part of its journey."
The Brex/SQN funding will help Skupos continue to scale its product suite, expand and go to market, all while maintaining the industry's best customer success and support.
"As Skupos continues to scale up following a year of high growth in 2022, capital partners like Brex and SQN are vital in order to capitalize on the long-term business opportunity," said Jake Bolling, Co-Founder and CEO of Skupos Inc. "We are thrilled to continue building and scaling industry-defining products and services, and look forward to this next leg of the journey."
About Brex
Brex is a powerful financial stack designed to serve the next generation of growing businesses. By integrating software, services, and products into one experience, we help customers effortlessly extend the power of every dollar, so they're free to focus on big dreams and fast growth–without worrying about wasted spend. We proudly serve tens of thousands of businesses, from small private companies to many of America's most beloved public brands. Learn more.
About SQNVP
SQN Venture Partners (SQNVP) was founded in 2015 by serial entrepreneurs and seasoned finance professionals to creatively utilize alternative debt financing structures to help grow and scale the next generation of early to mid-stage transformative companies. SQNVP provides senior term loans, equipment financing and recurring revenue lines of credit to institutional, venture capital-backed, emerging technology companies. SQNVP has deployed over $250MM into venture debt transactions and is a Registered Investment Advisor. Learn more at SQN Venture Partners.
About Skupos
Skupos drives revenue growth across all segments of the convenience retail industry through technology that connects both retailers and brands to their shoppers. With a focus on independent stores and small chains which make up nearly 80% of the market, the Skupos platform enables both retailers and brands to compete through better understanding and serving their customers. Founded in 2016, a growing network of 15,000+ customers across all 50 states rely on Skupos to boost sales volume and increase their customer base. Learn more at Skupos.com.
Media Contact
Julia Hines, Skupos, 1 (800)559-1358, [email protected]
SOURCE Skupos
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