On June 1st, 2012, Swipely launched our platform to help local merchants accept payments, understand customers and grow sales. It’s been an exciting ride ever since, and we’re proud to have been named to Forbes’ 100 list of “America’s Most Promising Companies” and one of the “Best Places to Work in Rhode Island” by Providence Business News this year.
Swipely now manages more than $700 million in annual sales to help hundreds of merchants in 130 cities better understand 2 million customers. These merchants are the lifeblood of their neighborhoods, creating spots where we love to meet up, eat and shop.
And today is a particularly special day for Swipely and for business in Rhode Island. I’m proud to announce that we’ve completed a $12 million Series B round of financing. It represents the largest Series B venture investment in a software company in Rhode Island history.
The round was led by Shasta Ventures and partner Sean Flynn. Sean, we welcome you to our outstanding investor family. You round out the team of return investors that guide us every month: Josh Kopelman of First Round Capital, Greylock Partners and Index Ventures, all of whom also participated in this round.
With the new funds, we’re on a mission to help thousands more merchants across the U.S. succeed with the data and tools they need to make smarter, faster business decisions.
In the process we look forward to adding more exceptional people to the Swipely team in Providence in 2013, and doing our small part to help jumpstart the Rhode Island economy.
Thank you to all of Swipely’s customers and employees who are along with us on this journey to turn credit card data into marketing programs that work. In our next chapter together, as we grow our network, we will also expand our product set into a broader operating system for local commerce.