Unilever Ventures, the corporate venturing arm of consumer packaged goods (CPG) manufacturer Unilever, took part in a $26m series B round for US-based retail analytics software developer Skupos on Monday.
The round was led by investment firm Insight Partners and also featured Toba Capital, Dynamo Ventures, Loup Ventures and Tao Capital. It brought the company’s overall funding to $37m.
Founded in 2016, Skupos provides software that helps more than 7,000 convenience retailers to collect and analyse data sourced from their point-of-sale systems. The platform also automates the supply chain process for distributors, helping to reduce out-of-stock situations or returns.
In addition to funding product development, Skupos will use the proceeds to expand its sales, customer experience, software engineering and data science teams. It also plans to grow the number of retailers using the platform to 40,000 stores by the end of next year.
Skupos received $6.4m in an August 2018 series A round that was led by Toba Capital and backed by Dynamo Fund and Loup Ventures. It initially secured $4m in seed funding in October 2016, two months before Dynamo led a $2.4m round that also featured Toba Capital.
Unilever Ventures investment director Ian Lane said: “Digital technology is transforming nearly every aspect of the consumer journey. Unilever Ventures is focused on supporting companies that will change the way we live and work, particularly in the intersection of CPG and technology. We are excited to partner with Skupos in the process of transforming the convenience retail industry.”