Popspots, Grocery TV receives a $5M investment
The Austin-based startup Popspots is looking to modernize advertising in the grocery store checkout line with interactive tablets that are more engaging than the magazine and snack racks of the past. To support this ambitious venture, the company announced it received $5 million in Series A funding by venture capital firm Silverton Partners on Tuesday.
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“We’re impressed by the growth Popspots has achieved both with brands and retailers so far,” Roger Chen, a principal at Silverton Partners said in a statement. “Our team is excited to be their partner, and support them as they continue to scale."
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The money it receives from the investment will go to expanding operations, according to Popspots’ blog. The three-year-old company launched its video ad network Grocery TV in October, which has expanded to 750 stores.
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The network uses tablet displays in-store to feature video ads from its dedicated partners, which includes big names like Netflix, State Farm, Pepsi, Chase and more. Store managers and merchandisers also get to keep track of inventory, data and customer behavior through the tablet’s camera.
“The checkout is just the starting point. We see Popspots centralizing all of the disjointed processes involved in grocery retail,” said Popspots CEO and co-founder, Marlow Nickell.
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The startup intends to grow its workforce and streamline merchandise, according to a report from the Statesman, an Austin newspaper.
Although Popspots was founded in 2016, the company officially launched last year after it won $25,000 from MassChallenge Texas, a zero-equity startup accelerator.