Beaconstac, a QR code customer engagement platform, has raised $25 million in a Series A funding round led by Telescope Partners, with participation from existing investor Accel.
The startup plans to use the raised capital to develop its platform further and expand its team in India and the US.
Founded by Sharat Potharaju and Ravi Pratap M, Beaconstac makes physical products and places talk directly to consumers through digital content and actions by leveraging smartphone technologies like QR codes.
Over the past 12 months, Beaconstac claims that it has helped businesses of all sizes create and track 1.8 million QR codes that were scanned over 150 million times by consumers.
“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,” said Sharat Potharaju, CEO of Beaconstac.
“This funding validates our leadership position in the market and gives us the resources to build additional products on our platform as well as continue helping businesses embrace QR codes for customer engagement,” said Sharat.
The startup counts large enterprises, such as Revlon, Nestle, FedEx, and Marriott, as its top customers.
“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 employs 75 employees across offices in New York and Bangalore, India, with plans to increase its workforce by roughly 200% in 2023.