Beaconstac, a QR code customer engagement platform, has raised $25 million in Series A funding led by Telescope Partners, with participation from an existing investor, Accel.

The new funding will enable Beaconstac to further develop its market-leading platform, build a world-class team, and ultimately enable new and existing customers to adopt QR codes as a means to create personal connections with a wide audience at scale and bridge physical world customer experiences to digital, said the company. 

“In a world where touch points 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,” said Sharat Potharaju, CEO of Beaconstac.

Moreover, the funding underscores the strong market demand from businesses for Beaconstac’s SaaS platform, resulting in profitable revenue growth of 200 per cent over the course of 2022, according to the company.

Over the past 12 months, Beaconstac claims to have helped businesses of all sizes create and track 1.8 million QR codes that were scanned over 150 million times by consumers. These numbers will continue to accelerate as the number of unique US smartphone users scanning a QR code is poised to reach 99.5 million by 2025.

“It’s clear that 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,” said Mickey Arabelovic, Founder at Telescope Partners.

Beaconstac currently employs 75 people across offices in New York and Bangalore, with plans to increase its workforce by roughly 200 per cent in 2023, said the company.

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