The Series B growth funding led by Sageview Capital will be used to advance Clerk's mission to build the digital platform that powers the store of the future.
AUSTIN, Texas, April 29, 2022 /PRNewswire/ — Clerk, a retail technology company that's improving the traditional brick-and-mortar grocery experience, today announced that it has raised $30 million in its Series B funding round led by Sageview Capital. Clerk will use the funding to accelerate the buildout of its platform, allowing the company to expand its in-store marketing and merchandising products to retailers and brands.
“Brick-and-mortar stores are overdue for a digital transformation,” said Marlow Nickell, CEO at Clerk. “Although 90% of U.S. grocery sales still happen in stores, brands and retailers often don't have a simple way to manage store performance and product interactions like they do online — our team wants to change that. This investment will get us closer to providing our retail and advertising partners full transparency into their store experience, from understanding how their products are performing to measuring customer engagement with in-store touchpoints.”
In the two years since its series A funding, led by Silverton Partners, Clerk has grown rapidly with a 350% increase in network size. Additionally, the company achieved several milestones, including:
- Expansion of Grocery TV's footprint across all 50 states in key markets — including New York, Chicago, Los Angeles, Miami, and Dallas — with over 14,000 displays in retailers such as ShopRite, Bashas', and Cub Foods.
- Partnerships with major programmatic networks such as The Trade Desk and Yahoo DSP to make it easier for agencies and brands to reach their audience of over 30 million grocery shoppers.
- Launch of a SaaS merchandising product that leverages their machine learning technology to help brands ensure products are in-stock and shelved correctly. Dotdash Meredith uses this to manage its publications in over 15,000 stores per quarter.
“Clerk is exactly the type of company we look to invest in at Sageview; its platform is transforming and improving the way a traditional industry operates and provides a clear, strong ROI to its customers. We're excited to partner with the team as they enter this new growth period. We look forward to leveraging our industry knowledge, operational expertise, and network to help Clerk develop their technology even further and achieve greater reach with brands and retailers,” said Avila.
Launched in 2018, Clerk helps brands and retailers improve the shopper experience by streamlining store operations and providing in-store retail media opportunities by leveraging its digital advertising network, Grocery TV. For more information, visit https://www.clerkretail.com.
Clerk is a technology company founded in 2018 that is powering the store of the future. While initially focusing on improving marketing and merchandising performance in the checkout aisle, their long-term vision is to simplify how brands and retailers market and manage their products throughout the store.
About Sageview Capital: Sageview Capital is a private investment firm focused on partnering with industry-defining innovators to build enduring software and tech-enabled businesses. With over $2 billion in assets under management, the firm collaborates with entrepreneurs on a custom approach, leveraging its decades of experience, operational expertise, and network in scaling many successful companies. Sageview invests for the long-term; the firm has guided many of its portfolio companies to IPO or acquisition—and beyond. Sageview's investments include 360insights, Aceable, Anitian, Atmosphere, CallRail, Carewell, Demandbase, DISQO, Drivewyze, Elastic Path, Ezoic, MetricStream, Pantheon, Pax8, NAM, Specright, Theatro, and XSELL Technologies, among others.
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