Beaconstac, a QR code customer engagement platform, today announced $25 million in Series A funding led by Telescope Partners, with participation from existing investor, Accel. The funding underscores the strong market demand from businesses for Beaconstac’s SaaS platform resulting in profitable revenue growth of 200 per cent over the course of 2022.
Over the past 12 months, Beaconstac has helped businesses of all sizes create and track 1.8 million QR codes that were scanned over 150 million times by consumers. These numbers will continue to accelerate as the number of unique US smartphone users scanning a QR code is poised to reach 99.5 million by 2025.
This new funding will enable Beaconstac to further develop its market-leading platform, build a world class team, and ultimately enable new and existing customers to adopt QR codes as a means to create personal connections with a wide audience at scale, and bridge physical world customer experiences to digital.
Commenting on the fundraise, Sharat Potharaju, CEO of Beaconstac, said, “In a world where touchpoints between brand and consumer have grown exponentially, there is a pressing need for frictionless technology that meets consumers on and offline and QR codes are rising to the challenge.” He further added that this funding validates company’s leadership position in the market and gives it the resources to build additional products on the platform as well as continue helping businesses embrace QR codes for customer engagement.
Today, Beaconstac is trusted by large enterprises such as, Revlon, Nestle, FedEx, and Marriott, and is the leading QR code platform on G2 reaching 20,000 customers in September 2022.
“It’s clear QR codes are becoming an integral part of how businesses communicate with their customers,” said Mickey Arabelovic, Founder at Telescope Partners. “The flexibility and insights Beaconstac delivers for businesses sets it apart from competitors. We believe the company has the vision and ability to become the largest player in the market.”
Beaconstac currently employees 75 employees across offices in New York and Bangalore. The company, In India, plans to increase its workforce by roughly 200 per cent in 2023.
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