Penny AI Raises $27 Million Series B to Accelerate the Transformation of Social Commerce Enablement Platforms

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Investing in innovation and customer success with onboarding, continuous learning, business intelligence and social commerce solutions

VANCOUVER, BC - Penny AI, a global leader in data-driven social commerce enablement, announced today a $27 million investment led by PSG, a growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, with participation from Acronym Venture Capital and ScaleUP Ventures. This latest Series B round of funding was oversubscribed. 

Penny AI serves as a virtual assistant to sales consultants by providing contact management, prospecting and communication solutions on a single platform to help increase sales productivity. Purpose-built for global enterprises, Penny AI is a sales enablement partner of choice to some of the world’s largest direct sales companies.

“We’re witnessing the transition from traditional channels and e-commerce to a people powered retail revolution where the social seller and influencer now own the audience and customer relationship. Since day one, our mission has been to empower the seller with simple to use, intelligent and powerful solutions that help create an incredible experience for their customers”

David Abbey, CEO and Co-Founder of Penny AI

Our objective is for the investment to accelerate the platform’s expansion into areas that are underserved by existing sales enablement technologies, yet are critical for sellers’ business growth and quality of life, through:

“In our view, Penny AI is one of the most comprehensive and effective sales enablement platforms serving direct sales organizations and can solve critical pain points experienced at every level, from sales consultants to corporate teams. We look forward to partnering with the Penny AI team as they continue to innovate and grow to support more businesses throughout the global direct sales industry.”

Tom Reardon, Managing Director at PSG

“Back in 2017, we started something special in Squamish BC when we uncovered an incredible opportunity to introduce AI to an otherwise underserved market. As we rapidly expanded, we built an experienced engineering team so we could keep increasing our users' performance and ultimately help everyone get one more sale”

Chris Noble, CTO & Co-Founder of Penny AI.

Chris continued, “While building the team, we were passionate about making Penny a truly Diverse and Inclusive tech company. I am so proud that we’ve created a team with one of the highest percentages of women engineers in all of Canada at 54% (when the industry average is below 30%). Now, working across 17 cities in Canada, the States and Europe, we’re united in improving our users’ lives with the power of AI and I can’t wait to welcome new talent to our incredible team.”

Penny AI supports hundreds of thousands of sellers in over 60 countries and 25 languages. Over the last year, Penny AI has quadrupled the team with strategic hires to lead the expansion and adding PhD talent to lead Learning Design and spearhead the onboarding and continuous learning product line. 

To learn about open opportunities at Penny, please visit getpenny.com/careers

About Penny AI

Penny AI is a social commerce enablement platform, purpose-built for brands to empower the modern social seller. The data-driven unified platform leverages AI to enable sellers with an automated repeatable process, ongoing learning and business intelligence, resulting in exceptional customer experience and measurable sales growth

About PSG

PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 100 companies and facilitated over 400 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit:

www.psgequity.com

Media Contacts

Penny AI

Maria Osipova

maria@pennyapp.com

PSG

Jackie Schofield

jschofield@prosek.com

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