Brooklyn-based Radar, a geofencing startup, announced on Tuesday it raised a $55 million Series C led by VC giant Insight Partners. This round brings Radar’s valuation to $365 million, according to the company.
The funding will be used to improve the platform with a focus on retail, quick-service restaurants, logistics, travel, hospitality and entertainment businesses. Additionally, funding will go toward expanding the Radar team, which has more than a dozen positions currently open.
Since Radar’s launch in 2017, the startup has raised $85.5 million in outside funding and has seen tremendous growth. Last year, over 10,000 developers signed up to use its platform. The company also more than doubled its customer base last year and welcomed its first customers in fleet tracking, delivery, gaming and healthcare.
This recent growth is despite the setback the startup faced at the beginning of the pandemic.
“As a geofencing platform, we power use cases related to people moving around the world. In early 2020, as Covid-19 and lockdowns spread, people stopped moving around the world,” Nick Patrick, Radar co-founder and CEO, said in a statement.
While the pandemic initially seemed like a setback, it highlighted a new area for Radar to focus on, ultimately fueling customer growth.
“The pandemic accelerated adoption of location services in emerging use cases like curbside pickup, delivery and contactless check-in and payments, all of which require location awareness to succeed. Now, we’re on the cusp of mass adoption across many industries,” Patrick said.
Enterprise customers use the platform to further develop their in-house apps’ SDKs, APIs, dashboards and integrations to build better accuracy for services like delivery tracking. Some notable Radar customers include Panera Bread, Afterpay, American Eagle, Peet’s Coffee, Zappos and T-Mobile.
