SparkPlug, a US-based provider of an incentive management and wage supplementation platform, has bagged $8m in its Series A.
The round was headed by LightBank and saw investor participation from TenOneTen Ventures, Jason Calacanis and Industry Ventures.
In areas like beauty, electronics, and outdoor gear, many customers rely on the product recommendation of point-of-purchase experts up to 92% of the time.
Founded in 2018, SparkPlug allows brands to directly reward these key influencers for every sale they generate with cash via gamified commissions, contests, and goals.
The firm drives more revenue for brands, improves employee performance for retailers, and empowers frontline workers across the world with fair compensation and economic equality, all based on the sales revenue they generate each day.
SparkPlug currently works with more than 1,000 retailers across the United States and over 200 different brand partners.
The company plans to use the newly raised war chest to accelerate its growth plans which include key executive hires and investments into data, development, and behavioural science expertise to continue expanding its platform.
The FinTech company claims to have been one of the first capital providers to focus on high growth, digitally native brands. It also declares that it leads the broader consumer packaged goods (CPG) space, through asset-based lines of credit and equipment financing.
Copyright © 2022 FinTech Global