Podium, a communication and payments platform for local businesses, announced on November 15, 2021 that it has acquired $201 million in capital via a Series D round that has been led by YC Continuity, along with contributions from Durable Capital Partners, Arpex Capital, Accel, Album VC, IVP, Sapphire Ventures, Summit Partners, and Sorenson Capital.
Podium’s latest investment round brings the firm’s valuation to more than $3 billion, according to an update shared with Crowdfund Insider.
Eric Rea, co-founder and CEO of Podium, stated:
“We see this as a watershed moment for local businesses all over the world, especially as the world opens up again and local businesses are tasked with meeting the changing preferences of consumers who have welcomed digital-first interactions through the pandemic. Our goal is to help communities get back on their feet and to help local businesses participate in a meaningful way in the digital evolution happening at the local level.”
Podium is assisting domestic businesses with handling millions of interactions with consumers today, including text messaging, website chat, marketing campaigns, to payment transactions. Podium’s mission or goal is to “help all local businesses thrive, and will continue to play an integral role in transitioning their analog operations to a digital one, so that they can get back to what they do best — serve their customers.”
Ali Rowghani, Managing Director of YC Continuity, remarked:
“Podium brings world-class marketing and payments tools to the small and medium businesses that power our economy and employ the lion’s share of workers. These businesses have traditionally been overlooked by technology companies. Podium’s products level the playing field for SMBs and help them compete in a changing world.”
Additional funding will be channeled towards supporting Podium’s ongoing expansion in order to reach more local firms “as well as deeper investments to build out their payments, communications and marketing technology.”
This includes “supporting everything a local business may need to collect payments, manage all their communications with consumers, and create more personalized and effective marketing campaigns that drive conversations and revenue,” the update revealed.
As mentioned in a release, Podium exists to “help local businesses thrive, so they can focus on what matters most: their customers.”
Currently, over 100,000 local businesses are powered by Podium, “helping to facilitate millions of customer interactions and payment transactions.” From customer-generated reviews, to more seamless communication offerings and contactless payment tools, Podium is “modernizing the way local businesses operate and grow their businesses.” Podium is headquartered in Lehi, Utah, and was founded in 2014.