Penny AI Raises $27 Million Series B to Accelerate the Transformation of Social Commerce Enablement Platforms

By AIT News Desk On Jun 1, 2022

Penny AI, a global leader in data-driven social commerce enablement, announced a $27 million investment led by PSG, a growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, with participation from Acronym Venture Capital and ScaleUP Ventures. This latest Series B round of funding was oversubscribed.

Penny AI serves as a virtual assistant to sales consultants by providing contact management, prospecting and communication solutions on a single platform to help increase sales productivity. Purpose-built for global enterprises, Penny AI is a sales enablement partner of choice to some of the world’s largest direct sales companies.

“We’re witnessing the transition from traditional channels and e-commerce to a people powered retail revolution where the social seller and influencer now own the audience and customer relationship. Since day one, our mission has been to empower the seller with simple to use, intelligent and powerful solutions that help create an incredible experience for their customers,” said David Abbey, CEO and Co-Founder of Penny AI.

Our objective is for the investment to accelerate the platform’s expansion into areas that are underserved by existing sales enablement technologies, yet are critical for sellers’ business growth and quality of life, through:

Engagement Based Micro-Learning – A learning platform built for how adults actually learn, combining best-in-class curriculum with science-backed learning design to enable learning in the flow of work to upskill sellers.
Insights and Data Visualization – Actionable insights and data visualization for sellers and corporate teams to understand their business at a glance and drive the next best action.
Social Commerce – Closing the gap between customer discovery and instant transactions across social channels to track sales data and attribution in a single platform.

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“In our view, Penny AI is one of the most comprehensive and effective sales enablement platforms serving direct sales organizations and can solve critical pain points experienced at every level, from sales consultants to corporate teams,” said Tom Reardon, Managing Director at PSG. “We look forward to partnering with the Penny AI team as they continue to innovate and grow to support more businesses throughout the global direct sales industry.”

“Back in 2017, we started something special in Squamish BC when we uncovered an incredible opportunity to introduce AI to an otherwise underserved market. As we rapidly expanded, we built an experienced engineering team so we could keep increasing our users’ performance and ultimately help everyone get one more sale,” said Chris Noble, CTO & Co-Founder of Penny AI.

Chris continued, “While building the team, we were passionate about making Penny a truly Diverse and Inclusive tech company. I am so proud that we’ve created a team with one of the highest percentages of women engineers in all of Canada at 54% (when the industry average is below 30%). Now, working across 17 cities in Canada, the States and Europe, we’re united in improving our users’ lives with the power of AI and I can’t wait to welcome new talent to our incredible team.”

Penny AI supports hundreds of thousands of sellers in over 60 countries and 25 languages. Over the last year, Penny AI has quadrupled the team with strategic hires to lead the expansion and adding PhD talent to lead Learning Design and spearhead the onboarding and continuous learning product line.

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