The retail media infrastructure company has closed a $52M Series D, and a slice of the proceeds is earmarked for buying other vendors rather than building alone.
Founder and chief executive James Avery told AdExchanger that consolidation is inevitable in a category crowded with firms chasing the same merchant customers. He suggested acquisitions would most likely target adjacent technology that retailers already run alongside Kevel, but signalled no rush, noting that some asking prices remain steep and depend heavily on whether a target has a credible AI narrative.
The round, which takes total funding past $100M, drew strategic money from Fulcrum Equity Partners, Dunnhumby Ventures and Iberis Capital, plus growth capital from ORIX USA.
Avery said the business is close to profitability and expects to reach it by the end of the year, a notable claim for a company selling picks and shovels into a sector where many platforms are still burning cash to win logos.
Kevel’s technical pitch centers on transparent AI decisioning, which Avery describes as a form of forensic science: the system should be able to explain why a particular ad was chosen for a particular shopper.
Retail media has become one of advertising’s fastest-growing pockets as grocers, airlines and drugstore chains turn first-party shopper data into a revenue line outside thin product margins. Kevel supplies the auction and delivery machinery instead of selling the inventory, so merchants keep their own advertiser relationships.
