Beaconstac funding: QR code startup Beaconstac raises $25M in funding

Beaconstac, the QR code-based software-as-a-service (SaaS) company, has raised $25 million in its first outside funding round, dubbed Series A, led by San Francisco-based Telescope Partners.

The company said in a statement that Accel India also participated in the round.

The New York and Bengaluru-based startup creates and tracks QR codes for customers.

Beaconstac’s parent entity, Uniqode Phygital, was founded in early 2022 but has been around as a product since 2019 under an older parent entity, Mobilemotion Technologies, which from 2009 to 2019 ran Mobstac, a tech product that helps publishers build and manage their mobile sites. applications. Mobstac’s investors included Cisco and Accel.

Sharat Potharaju co-founded both Mobstac and Beaconstac with childhood friend and fellow IIT-Madras alumnus Ravi Pratap. The co-founders have now dissolved Mobilemotion Technologies.

Operating at an 85% gross margin, Beaconstac grew its revenue 300% from 2020 to 2022, and 200% from 2021 to 2022, Potharaju, who is also the company’s CEO, told ET.

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He added that the company has been profitable since its inception, has 75 employees in its offices in New York and Bengaluru and plans to increase the number of employees by 200% this year.

Over the past 12 months, the company said, Beaconstac has generated and tracked 1.8 million QR codes that have been scanned by consumers more than 150 million times. Boukherjeou added that currently more than 93% of its revenue comes from North America.

“All of our large enterprise customers are first-time users… located in India, we are building a unique SaaS platform that is the first of its kind worldwide. This same category has paid off over the past three years, and we are the market leader.”

Beaconstac’s 25,000 paying customers include 1% of enterprise customers such as food and beverage company Nestle, cosmetics company Revlon, shipping giant FedEx and hospitality chain Marriott.

“While Beaconstac’s revenue growth has been impressive, what makes it unique in my mind is how quickly it has been able to expand into mid-market and enterprise segments through its product-led growth model,” said Shekhar Kirani, Partner, Accel.

Pricing on the Beaconstac website ranges from $8 to $99 per month depending on current plans. Customers are priced either based on the number of QR codes that are posted or the number of users that use them.

Other companies in the space include Germany-based Egoditor, which was acquired in 2021 by hyperlink management company Bitly, and New York-based company Flowcode.

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