Beaconstac, a leading QR code customer engagement platform, has announced a raise of $25 million in a Series A round led by Telescope Partners, with participation from existing investor, Accel.
Beaconstac is a startup that helps businesses to create and track QR codes enabling consumers to have a user-friendly solution for contactless experiences.
The company claimed it has helped businesses of all sizes create and track 1.8 million QR codes that were scanned over 150 million times by consumers. It added that it operates with a gross margin of 85% and had a revenue growth of 200% over the course of 2022, amid strong market demand for its service.
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.
The company currently employs 75 employees across offices in New York and Bangalore, India with plans to increase its workforce by roughly 200% in 2023.
According to the co-founder and CEO, Sharat Potharaju, this new capital will be used 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.