This August we led a $6.4M Series A investment into Skupos, the leading data analytics platform for the convenience store industry. Dynamo Fund, Loup Ventures, and other insiders also participated.
We first invested in Skupos in 2016 as part of their Seed round led by Dynamo, before their initial MVP was complete. Today, over 2,500 convenience stores are on the Skupos platform, a feat that is especially remarkable in light of the fact the network launched a mere year and a half ago. Watching this team identify a huge problem and then execute brilliantly against it has been a total joy for us as investors.
The convenience store vertical is the last gaping void when it comes to retail analytics. Despite the fact that 4% of U.S. GDP flows through convenience stores & gas stations, the CPG corporations that serve this market have next-to-no insight into what is actually sold here, and when, and to whom. Often, billion-dollar marketing and distribution decisions are made based on crude projection data. Nationwide promotional campaigns are logistical nightmares, often wasteful, and difficult to measure. Retailers and distributors are expected to fork over small fortunes for backwards solutions just to get basic visibility into sales trends.
Skupos unifies the most fragmented segment of U.S. commerce by sharing data across the entire value chain — from the cash register in rural Louisiana, to the owner’s iPad down the street, their distributor’s warehouse two states over, and the brand marketer’s dashboard in lower Manhattan. As Skupos founders Jake, Mike, and Linh like to say, “Life is better when we work together.”
We’re thrilled to continue working with the entire Skupos team as their network rockets to 10,000 stores and beyond.