Funding
Kevel Raises $52 Million in Growth Capital, Its Largest Single Raise to Date
By News Desk ·
Key takeaways
- Kevel raised $52 million in growth capital on October 21, 2026, its largest single raise.
- Fulcrum Equity Partners, dunnhumby Ventures, Iberis Capital, and ORIX Corporation USA participated in the round.
- The funding brings Kevel's total capital raised to more than $100 million.
Kevel, an ad tech infrastructure provider based in Durham, North Carolina, raised $52 million in growth capital on October 21, 2026, its largest single raise. Startup Researcher reported the round, which includes expanded investments from Fulcrum Equity Partners, dunnhumby Ventures LLC, and Iberis Capital, along with growth capital from ORIX Corporation USA's Growth Capital business. The funding brings Kevel's total capital raised to more than $100 million.
Kevel's $52 Million Round and Investor Base
The round includes expanded strategic investments from Fulcrum Equity Partners, dunnhumby Ventures LLC, and Iberis Capital, along with growth capital from ORIX Corporation USA's Growth Capital business. The funding brings Kevel's total capital raised to more than $100 million. Financial Post reported that the funding will accelerate AI-driven infrastructure and global expansion, and that Kevel will continue developing transparent AI decisioning and expanding into new retail media categories.
Blake Zhang, Managing Director in ORIX USA's Growth Capital business, said Kevel has built a highly differentiated platform that enables customers to launch and scale retail media businesses tailored to their brands and audiences. He noted that as the market expands across on-site, off-site, in-store, and other emerging channels, Kevel is well positioned to help customers manage growing complexity.
Dunnhumby, the retail media arm of Tesco, recently launched the Dunnhumby Network Alliance, known as DNA, in partnership with Kevel to drive scale and connectivity across retail media networks. Retail Technology Innovation Hub reported that Azoma received an undisclosed investment from dunnhumby ventures to accelerate its Agentic Commerce Optimisation platform.
Kevel's Funding History on Record
According to akta.pro company records, Kevel has six funding rounds on record. The company raised an $11 million Series A in December 2020 led by Fulcrum Equity Partners, a $10 million Series B in December 2021 led by Fulcrum Equity Partners, a Series C in January 2023 led by NC Tweener Fund, and a $23 million Series C in March 2024 led by Fulcrum Equity Partners. The same records list Kevel's total funding at $45.2 million as of its last round on March 7, 2024.
| Round | Date | Amount | Lead Investor |
|---|---|---|---|
| Series A | December 2020 | $11 million | Fulcrum Equity Partners |
| Series B | December 2021 | $10 million | Fulcrum Equity Partners |
| Series C | January 2023 | Not stated | NC Tweener Fund |
| Series C | March 2024 | $23 million | Fulcrum Equity Partners |
Partnerships Leading to the Raise
In October 2026, Tesco Media partnered with Kevel to power its Ad Manager platform, aiming to simplify media planning and develop new advertising formats, Retail Technology Innovation Hub reported. In June 2026, John Lewis Partnership appointed Kevel to power its on-site retail media network across both John Lewis and Waitrose websites, according to Fashionnetwork. In May 2026, Kevel announced a partnership with ADvendio to integrate its Retail Media Cloud with ADvendio's Revenue OS, creating an end-to-end system for retail media sales and campaign management, techindc.com reported.
Advisory Role on the Transaction
Cafferty & Company, an independent debt advisory firm, served as the sole advisor to Kevel on the transaction. Kevel will expand globally into new retail and commerce media categories as part of its growth plan, and is deepening its strategic advisory services to help retailers at every stage of maturity put AI to work without giving up visibility or control.