Kevel has pulled in $52 million in funding, marking the largest capital raise in the company’s history.

The financing includes expanded investments from Fulcrum Equity Partners, dunnhumby Ventures, Iberis Capital and additional growth capital from ORIX Corporation USA’s Growth Capital business. 

Kevel’s total capital raised now exceeds $100 million. The retail media technology specialist works with the likes of Tesco, Dollar General Media Networks, John Lewis Partnership, Paypal, Scandinavian Airlines, Home Depot’s Orange Apron Media, and Nubank, across North America, Europe, LATAM, and APAC. 

“Commerce media is entering a new era, one defined by ownership, transparency, and AI driven infrastructure built around the business rather than intermediaries,” says James Avery, Founder and CEO at Kevel.

“To keep commerce media open and competitive, businesses must own their monetisation and data. This raise enables us to scale the technology retailers and marketplaces need to build differentiated media networks, drive sustainable growth, and compete head to head with the largest platforms."

“Kevel has built an impressive, highly differentiated platform that enables customers to rapidly launch and scale retail media businesses tailored to their unique brands and audiences,” says Blake Zhang, Managing Director in ORIX USA’s Growth Capital business.

“As the market continues to expand across on-site, off-site, in-store and other emerging channels, we believe Kevel is well positioned to help customers navigate that growing complexity and scale across an increasingly broad ecosystem. We are excited to partner with James and the Kevel team as they continue to innovate and help shape the next generation of retail media.”

“Kevel’s continued investment in building cutting-edge infrastructure and AI to power commerce media networks is truly incredible,” comments Philip Lewis, Partner, Fulcrum Equity Partners. “We are thrilled to continue investing to ensure that Kevel has the resources to support the complex needs of our partners.”

The funding will be used for Kevel’s next stage of growth, with AI at the centre of its product roadmap. The company will continue developing its AI decisioning and optimisation capabilities so that every ranking, bid and placement decision is explainable, auditable and configurable by retailers. It says it will also expand globally into new retail and commerce media categories and deepen its strategic advisory services.

2026 RTIH Innovation Awards

Retail media will be a key focus area at the 2026 RTIH Innovation Awards.

The awards, which celebrate global retail technology innovation in a fast moving omnichannel world, have now closed for entries. Our winners will be revealed at the 2026 RTIH Innovation Awards Ceremony, taking place at The HAC in Central London on Wednesday, 4th November.

Check out our 2026 shortlists and finalists here.

We received a record number of entries this year and many fantastic examples of technology excellence driving transformative change across the global retail sector.

Congratulations to all those who made it through the initial submission process! It’s now over to our star studded judging panel who will decide the winners to be announced at the 2026 RTIH Innovation Awards Ceremony, taking place at The HAC in Central London. 

The event will be held on Wednesday, 4th November and consist of a drinks reception, three course meal, awards ceremony presided over by award winning stand-up comedian, presenter, actor and broadcaster, Aurie Styla, and after party until 1am.

Click here to book your place at the 2026 RTIH Innovation Awards Ceremony on Wednesday, 4th November.