Russ Curry, Ministry of New Media
Raydiant has raised a $30 million Series B funding round led by 8VC and Atomic Ventures, with participation from Lerer Hippeau, Gaingels, Mark Wahlberg, Haveli, Illuminate Ventures, and XRC.
The funds will be used to continue innovating the company’s product offerings through strategic acquisitions, as well as hire key team members to execute on Raydiant’s go-to market strategy as the company moves up-market.
Bobby Marhamat, CEO at Raydiant told us “Raydiant was born as a digital signage company with a mission to modernize the brick and mortar tool stack so that brands can thrive in our new experience-driven world. We’ve since evolved into a full-service platform powered by AI, and the leader in the in-location experience management space. This increase in funding will help us continue to drive the future of in-location experiences for both in-store customers and back office employees on a global scale. The pandemic has changed the way we shop and engage with brands, and brick and mortar organizations need to evolve if they’re going to keep their doors open. But they can’t do it alone. We’re thrilled to receive support from partners who value our mission to support brick and mortar in a way that no one else can. We’re excited for this next growth chapter and the opportunity to reimagine the retail experience as we know it.”
Since Raydiant raised its Series A round in January, 2021, the company has made significant progress to grow their team and accelerate the product roadmap. The company has scaled to 4,500 customers (ranging from local SMBs to enterprise brick and mortar organizations), has grown its application marketplace to more than 100 partners, and successfully closed two major acquisitions (Hoopla and Sightcorp) that enable Raydiant customers to better engage their back-of-house staff and measure what matters.
Drew Oetting, Founding Partner at 8VC said “The pandemic has shown us how critical it is for brick and mortar businesses to connect with their customers and employees in order to keep their doors open. Raydiant has created a platform that fills the gaps for retailers, restaurants, and more, allowing these brands to provide the best possible in-location experience that offers relevant, personalized, and interactive content that is vital in any successful omnichannel strategy. We’re proud to back the company as it continues to foster true innovation in its space.”
Raydiant has grown its team to over 100 employees in 2021, with the majority of hires taking place over the last six months, and plans to expand its global headcount by 300% in 2022.
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