US based Digital marketing firm Punchh has raised USD 20 million funding in a Series B round led by Sapphire Ventures. Cervin Ventures also participated in this round bringing the total funding close to USD 31 million till date.
With the fresh funding round, the team will expand its Punchhs solutions to new industries like health and beauty, convenience stores, and gas stations as well as to roll out predictive marketing capabilities using artificial intelligence and machine learning, it added.
Headquartered in Mountain View, CA, Punchh is the world leader in innovative digital marketing products for brick and mortar retailers, combining AI and machine learning technologies, mobile-first expertise, and Omni-Channel communications designed to dramatically increase lifetime customer value. Leading global chains in the restaurant, health and beauty sectors rely on Punchh to grow revenue by building customer relationships at every stage, from anonymous, to known, to brand loyalists, including more than 100 different chains representing more than $12 billion in annual spend.
Punchhs clients include The Coffee Bean & Tea Leaf, El Pollo Loco, Pizza Hut, Quiznos, and Smashburger among others.
“Punchh will expand its existing headcount of over 110 Indian employees by 50 percent in 2018-19… the funding will be used to expand the company’s geographical footprint and its customer base in India, Asia, and other regional markets. We have already initiated discussions with a few brands for the Indian market and aim to close the first tie-ups by the end of the current fiscal year,” Punchh co-founder and CEO Shyam Rao said.