Beaconstac Raises $25 Mn In Funding Led By Telescope Partners

Beaconstac, a QR code-based customer engagement platform, has raised $25 million as a part of its Series A funding round led by Telescope Partners with existing investor Accel.

As per the startup, the raised funds will be used to grow its platform and build its team. The startup aims to increase its global workforce to nearly 200 employees by the end of 2023.

Currently, the total headcount of the New York and Bengaluru-based startup stands at 75.

Beaconstac | QR Codes, NFC and Beacons

Founded by Sharat Potharaju and Ravi Pratap Maddimsetty in 2019, Beaconstac helps businesses to create and track QR codes, enabling consumers to engage with them and help businesses drive ROI leveraging the mobile device.

The firm uses technologies such as QR codes, Beacons, Wifi, and NFC, in conjunction with consumer mobile devices to deliver the value proposition.

Speaking about the development, Sharat Potharaju, Co-founder of Beaconstac, said,

“In a world where touchpoints between brand and consumer have grown exponentially, there is a pressing need for frictionless technology that meets consumers on and offline, and QR codes are rising to the challenge.”

Potharaju added that the funding gives them the resources to build additional products on its platform as well as continue helping businesses embrace QR codes for customer engagement.

Currently, the QR code-based customer engagement platform tracks 1.8 million QR codes for brands like Nestle, Marriott, FedEx, and Revlon. More than 90% of Beaconstac’s business is based in the US, where customers are accepting QR codes for more than just payments.

Commenting on the development, Mickey Arabelovic, Founder of Telescope Partners, said,

“It’s clear QR codes are becoming an integral part of how businesses communicate with their customers. The flexibility and insights Beaconstac delivers for businesses set it apart from competitors. We believe the company has the vision and ability to become the largest player in the market.”

As per Potharaju, Beaconstac is already profitable, garnering about 85-90% in growth margins. The firm aims to grow over 4x in terms of revenue this year.

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