We raised $27 Million in Series B to accelerate Social Commerce Success
David: "Since day one at Penny, my co-founder, Chris, and I have been saying that every day is a big day and today's especially big."
We're beyond excited and incredibly proud to announce that we've raised $27 million in our Series B funding round. 🎉
Chris: "Ever since we started our company, here in beautiful Squamish, British Columbia, our mission has been clear, to empower social sellers to get one more sale."
David: "The direct sales industry pioneered social selling long before social was even really a thing, and now we're witnessing a people-powered retail revolution. Each day that passes, customers are shifting their buying from brands, brick-and-mortar and e-commerce to mega, micro and even nano influencers for bringing about the era of social commerce."
Chris: "Because of this shift, our mission is more important than ever, with more and more people turning to social selling the demand for personalization at scale technology is at its highest. So we want to continue supporting every seller's success, no matter their background, skill set or goals."
David: "Raising $27 million is an incredible milestone for everyone at Penny. It's the start of the next chapter where we have the privilege of creating new technologies that play a role in the success of every social seller that trusts Penny and the social selling movement as a whole."
Chris: "We're thrilled to share that our new friends and partners at PSG led our funding round alongside Acronym Capital and ScaleUp Ventures who have been with us since day one. We're so excited they joined us on this journey to expand Penny into the key areas social sellers need support to grow and really protect their quality of life."
With the support of our investors, we're excited to take the next step. Our focus will be on four key areas:
1. Onboarding & Learning
David: "Firstly, every day, hundreds of thousands of new Sellers around the world start their social selling journey, and a lot don't actually have the sales or marketing background for scalability, success and business growth. We're delivering an in-app solution so Sellers can build their business while upskilling in the flow of work. We've added PhD talent and a Learning Design team to develop the best learning resources for social selling and create a learning platform within Penny that's designed for the way adults actually learn, so Sellers can develop key skills required to build their businesses and see results."
2. Business Intelligence
Chris: "With a globally distributed sales force, it's hard to gather and access actionable insights for our corporate teams and individual Sellers. We're expanding the data team and hiring multiple data scientists to provide real time business insights so Sellers, leaders and corporate teams, can see at a glance how their businesses are performing and easily decide what's the next best action."
3. Instant Selling Experience
David: "Right now, in the social selling space, there's a huge gap between product discovery and transaction, but that's about to change. Later this year, we'll be releasing an instant selling experience that everyone will love, no matter what social network they're in. In the social commerce era, we want to give everyone the tools to create an exceptional customer experience, no matter how big or small their network is."
4. Expand the Penny team!
Chris: "And finally, over the past three years, we've gone from David and I to a team of 100 incredibly talented individuals. We're so proud to say that we have one of the highest percentages of female engineers in Canada. At 57%, we're 2 times the industry average. The technology we've built is awesome, but what makes them so great is our people. And to support the next growth, you guys can guess it --- We're hiring."
David: "So finally, we want to say thank you. From our very early angel investors to our first few users to our amazing customers and partners, the incredible Vancouver tech community, the C 100 and every one of the cheerleaders on the sidelines rooting for us to win. We can't say it enough. Thank you. It's your support, your feedback and your love that make building Penny, in a beautiful place like Squamish, such a dream. So thank you. And as always, make every day a big day."
David & Chris 💜
Read the full news announcement here: Penny AI Raises $27 Million Series B to Accelerate the Transformation of Social Commerce Enablement Platforms