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Venture Capital News: SKUPOS Reels in $2.41 Seed Funding

SAN FRANCISCO, CA, Two-sided retail distribution software company, specializing in the convenience store industry, announced that they have raised $2.41M in seed funding.
Today, SKUPOS Inc., a two-sided retail distribution software company, specializing in the convenience store industry, announced that they have raised $2.41M in seed funding. The funds will be used to continue product development to meet industry demand. Dynamo Fund led the round with Toba Capital. The company received investment in one previous round as well, the first in July of 2016 from industry angel investors and technology veterans in San Francisco.

'Dynamo is honored and excited to support and partner with the team at SKUPOS to revolutionize the supply chain for the $700B c-store industry.' said Santosh Sankar, Director at Dynamo. 'SKUPOS is revolutionizing the industry by automating key functions and upholding supply chain transparency. It's integrated solution provides real time inventory, automated purchasing, and operational intelligence to c-store operators and their distributor partners.'

The company, which currently has launched in over 200 stores, is a data driven two-sided inventory management system allowing convenience stores to automate inventory management and ordering, while providing distributors and brands with real-time inventory levels in their accounts, as well as the ability to quickly generate re-orders. Stores are currently saving over 65% of the time spent on manual processes, while distributors are boosting sales and operational efficiencies when converting to SKUPOS.

'At Toba, we look for teams working on exactly these kinds of thorny, grimy, often unseen but incredibly crucial problems. That's why we're thrilled to be backing SKUPOS and the powerful, intuitive technology they've developed to modernize convenience store operations nationwide,' said Patrick Mathieson, Partner at Toba Capital.

The company's patent pending technology integrates with a convenience store's existing pointof-sale system, enabling real-time inventory management, accessible from any device. The conversion of manual processes to automation has enabled distributors to save money and increase efficiencies throughout the order capture process.

Jake Bolling, co-founder of SKUPOS, believes the 'convenience store industry is the cornerstone of the American retail economy, but has lacked a platform that is agnostic both to the retailer, as well as distributor. Custom, in-house solutions negate scalability across multiple retailers and distributors, creating inefficiencies. We're harnessing the data that has been locked up throughout the industry for decades, providing value to both sides of the market through a single platform.'

SKUPOS is currently accepting beta customers, both convenience stores and distributors. The company was founded in April 2016 by Jake Bolling, Michael Glassman, and Linh Nguyen. It launched early fall in 2016, and is based in San Francisco.
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