Kevel raises $52M Series D, eyes retail-media acquisitions
What's the deal? Kevel, a retail media infrastructure company, has raised a $52 million Series D, bringing its total funding to just over $100 million. The round drew strategic investments from Fulcrum Equity PartnersDealroom has a profile for this one. Try Dealroom →, dunnhumbyDealroom has a profile for this one. Try Dealroom → Ventures, Iberis CapitalDealroom has a profile for this one. Try Dealroom →, and growth capital from ORIX USA Investments.
What's the endgame? Kevel sells API-based ad-serving and decisioning tools that help retailers, banks, and travel companies build commerce media networks. Founder and chief executive officer James Avery told AdExchanger that some of the new money is earmarked for acquisitions, likely in "adjacent" areas used by retailers alongside Kevel.
Why now? Avery says the sector is crowded and ripe for consolidation. "There are a lot of retail media players out there and a lot of people are selling to the same customers," he said. "Consolidation is going to happen."
He is not rushing, citing uneven pricing: "Some prices are really good, and some prices are still pretty high."
By the numbers: At $52 million, the round sits in roughly the 29th percentile by deal size. It more than doubles Kevel's $23 million Series C from March 2024.
What's the context? Kevel bought off-site advertising specialist Nexta in 2025, and 2026 has brought more deals across the space, including Perion's purchase of in-store network PRN and ZetaDisplayDealroom has a profile for this one. Try Dealroom →'s acquisition of retailmediatoolsDealroom has a profile for this one. Try Dealroom →. Avery said Kevel is "pretty close to profitable" and expects to reach that point by year-end.
The signal: The fight in retail media is now about helping retailers monetize beyond onsite ads—extending campaigns into stores and across channels like Meta and Google. Fresh capital gives Kevel room to consolidate products and compete for larger, more integrated deployments as the market races to buy and build capabilities.
Read more: adexchanger.com
Image credit: Generated with Gemini
