Beaconstac raises $25M led by Telescope Partners
The QR-code based customer engagement platform plans to use the money raised to double its headcount this year and develop its platform.
New York-headquartered QR code-based customer engagement platform has raised $25 million in a Series A round of funding led by Telescope Partners. Returning investor also participated in the round.
The company will use the capital to develop its platform and expand its teams in India and the US.
Founders of Beaconstac and IIT Madras alumni, Sharat Potharaju and Ravi Pratap M, founded , a mobile app and website building and management platform for publishers, in 2009.
Mobstac had raised $2 million in a Series B round of funding in 2014 from Cisco and Accel Partners. The company pivoted in 2019 to become a QR code-based customer engagement platform across physical and digital models.
“Today we are present across industries—food, pharma, food and beverage, hospitality, retail, real estate, government and others in the US, which is our primary market,” Ravi Pratap M, Co-founder and CTO of Beaconstac, told YourStory.
Businesses buying Beaconstac software use QR codes to deliver information to customers who interact with it or for internal workflow, he said. The businesses pay an annual subscription fee to Beaconstac for QR-code generation, analysis and management.
The company works with over 25,000 businesses and brands such as Revlon, Novartis, Nestle, FedEx and Marriott across more than 100 countries.
“It’s clear QR codes are becoming an integral part of how businesses communicate with their customers,” said Mickey Arabelovic, Founder at Telescope Partners, in a statement. “The flexibility and insights Beaconstac delivers for businesses sets it apart from competitors."
Beaconstac said it registered revenue growth of 200% in 2022, selling to customer mainly in the US. The company, which employs around 75 people, plans to grow its headcount to 150-160 this year across its India and US operations. Beaconstac also has operations in the Philippines.
Edited by Feroze Jamal