Punchh, a customer marketing solutions platform, has bagged $40 million (approx INR 287 crore) in a series C funding round from Adams Street Partners, Sapphire Ventures and Alliance Bernstein, reported Yourstory.
The startup Punchh will use the infused financials to further augment Punchh’s AI capabilities as it expands into new verticals such as convenience stores and other physical retail segments.
Post transaction, Robin Murray of Adams Street Partners will join the Punchh’s board.
Shyam Rao, CEO of Punchh, said, “Our platform gives retailers an unparalleled understanding of how customers engage with their brand in the real world, along with the ability to use that understanding to create AI-powered experiences that keep customers coming back for more.”
Punchh was founded by Shyam Rao in 2011. The platform Punchh claims to be the world leader in innovative digital marketing products for physical retailers, combining AI and machine learning technologies, mobile-first expertise, and omnichannel communications designed to dramatically increase customer lifetime value.
As per its LinkedIn page, Punchh offers partners access to real-time consumer information via a live dashboard, enabling them to create and launch campaigns, target specific user segments and review guest feedback.
Marketers can connect with customers across any channel through loyalty, offers, ordering, payments, feedback, surveys, gift cards, games and more.
More than 160 global enterprise brands rely on Punchh to grow revenue by building customer relationships at every stage, from anonymous to loyalist.
While, by integrating with existing point-of-sale and ecommerce systems, Punchh collects in-store and online customer data in real time to generate a 360 degree view of customers across the entire customer lifecycle.
By applying Punchh’s proprietary AI to this customer data, brands can create and deliver personalised journeys, which allows retailers to distribute tailored offers to drive customer lifetime value.
“Punchh is the undisputed leader in this category. They work with the biggest brands, have the most sophisticated technology, and drive real results for their customers,” said Robin Murray, Partner at Adams Street Partners.
“While everyone else got distracted by maximizing ecommerce, Punchh took the best technologies and practices from that space and applied them to physical retail,” he added.