Penny AI, a Vancouver-based SaaS startup, raised a CAD 33.9 million ($27 million) all-equity Series B round led by Boston venture capital firm PSG. The financing, which Penny AI classifies as oversubscribed, also saw participation from Acronym Venture Capital and ScaleUP Ventures.
the new investment will be used to accelerate its platform’s expansion. Penny noted that it is developing a learning platform designed to upskill sellers and plans to offer actionable insights and data visualization tools.
Company: Penny AI Technologies Inc.
Round: Series B
Funding Month: June 2022
Lead Investors: Boston venture capital firm PSG
Additional Investors: Acronym Venture Capital and ScaleUP Ventures
Company Website: https://getpenny.com/
Software Category: Data-Driven Direct Sales Solutions
About the Company: Founded in 2017 by David Abbey (CEO) and Chris Noble (CTO), Penny provides data-driven direct sales solutions. The company describes itself as a virtual assistant to sales consultants by providing contact management, prospecting, and communication tools on a single platform. Penny AI exponentially increases revenue by enabling and empowering direct sales field consultants and leaders. All while providing corporate teams with the data, insights, and pace of innovation for the digital-first future. Penny AI's mission is to build brilliant technology that inspires action, builds momentum, and creates belief in Consultants all around the world.