API-led ad serving company, Kevel, has secured $23M in Series C funding to drive advanced product innovation for retailers and marketplaces offering on-site retail media products.

The funding round was spearheaded by Fulcrum Equity Partners, with contributions from Godwin Capital Group, Iberis Capital, Dunnhumby Ventures, and Commerce Ventures.

Kevel's CEO, James Avery, said the company's flexible API tools enabled retailers to build differentiated retail media platforms.

"What makes retailers different from traditional publishers is that they have unique 1st party data and closed loop attribution. Kevel's flexible API tools enable retailers to build differentiated retail media platforms leveraging their unique attributes to provide advertisers with innovative, cutting edge decisioning, ad formats, targeting, and site performance, all while keeping their data safe and secure at scale."

The company is also expanding its senior leadership team with the appointment of former Chief Revenue Officer of Adobe's Frame.io, Puja Rios, as President/COO.

Rios will focus on the next phase of growth for Kevel, expanding the company's client base further into the retail media sector.

"Kevel's success and innovation in the retail media market reflects its relentless pursuit of pushing boundaries to deliver a solution that not only meets but exceeds the expectations of its customers. I am proud to join a company where innovation knows no bounds and where we are redefining what's possible in the ever-evolving landscape of retail media," said Rios.

Avery said there was a large shift in the retail media landscape as brands focus on doubling down on the retail media networks that are delivering value, and cutting back from the retail media networks that are commoditized.

"This is pushing retailers to invest in moving from off the shelf solutions to building high-end, differentiated retail media networks. Adding Puja to our team is going to enable us to scale with more retailers and help them in their quest to earn their spot on the media plans of the largest brands in the world," Avery said.

Retail media ad spend is projected to increase by 10.4% to $141.7 billion in 2024. Kevel offers ad tech infrastructure APIs that fuel its ad serving solutions, empowering multi-brand retailers to launch differentiated retail media networks.