Kevel Raises $52M to Expand AI and Commerce Media Platform

Kevel, a Durham, NC-based adtech company, has raised $52 million in a funding round, bringing total funding to over USD$100 million.

The round also included backers such as Fulcrum Equity Partners, dunnhumby Ventures LLC and Iberis Capital. ORIX Corporation USA Growth Capital business provided additional growth capital.

The company will use the funding to develop its AI decisioning and optimisation capabilities, expand into new retail and commerce media categories, and grow its global presence. The company also plans to strengthen its strategic advisory services for retailers and commerce businesses.

What is Kevel?

Kevel provides an API-first platform that helps retailers, marketplaces, and commerce platforms build and operate their own advertising networks. These businesses can use the platform to create advertising experiences around their customers, data, and commercial goals.

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The platform supports commerce media networks letting businesses generate advertising revenue while keeping control of their data, and technology. Its tools help manage advertising placements and decisions across different channels.

Kevel also offers AI-powered decisioning capabilities to help businesses manage ad rankings, bids and placements. Its approach focuses on transparency, allowing retailers to understand, configure and audit how advertising decisions are made.

How Much Funding Has Kevel Raised?

Kevel raised $52 million in its latest funding round, bringing total funding to more than $100 million.

The company has not disclosed the dates or amounts of its previous funding rounds in the information provided.

Who Invested in Kevel’s Funding Round?

The funding round included support from several investors and growth capital providers.

• Fulcrum Equity Partners
• dunnhumby Ventures LLC
• Iberis Capital
• ORIX Corporation USA Growth Capital, which provided additional growth capital

The continued involvement of dunnhumby is notable because it operates in retail media and has partnered with Kevel on the Dunnhumby Network Alliance (DNA).

Why the Funding Matters

Kevel plans to invest in its AI decisioning and optimisation technology, expand into additional retail and commerce media categories, and strengthen its global operations.

The company also intends to deepen its strategic advisory services, helping retailers develop and scale their media networks.

As commerce media networks grow, retailers need technology that supports cross-channel advertising while maintaining control over customer data and ad decisions.

Who founded Kevel?

Kevel was founded in 2010 by James Avery. The company is headquartered in Durham, North Carolina.

It helps retailers, marketplaces, and commerce platforms build advertising businesses with its API-first technology.

“Commerce media is entering a new era, one defined by ownership, transparency, and AI-driven infrastructure built around the business rather than intermediaries,” said James Avery, Founder & CEO, Kevel. “To keep commerce media open and competitive, businesses must own their monetization and data.

“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,” said 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.

Market and Business Growth

Kevel serves more than 100 commerce media networks across North America, Europe, Latin America, and the Asia-Pacific region.

Its customers include Tesco, Dollar General Media Networks, John Lewis Partnership, PayPal, Scandinavian Airlines, Home Depot’s Orange Apron Media, and Nubank.

The company is working to support the growing commerce media market, where retailers and other businesses use their customer relationships and data to develop advertising revenue streams.

What Happens Next?

Kevel plans to continue developing its AI decisioning and optimisation capabilities while expanding into new retail and commerce media categories worldwide.

The company will also strengthen its advisory services to help retailers at different stages of growth build and scale their advertising networks.

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