Ad tech infrastructure company Kevel has raised $52 million (£38.9 million) in a new funding round to expand its commerce media platform and develop its artificial intelligence (AI) capabilities.
Announced on October 21, 2026, the funding marks the largest capital raise in the company’s history. The investment includes additional strategic investments from Fulcrum Equity Partners, dunnhumby Ventures LLC and Iberis Capital. ORIX Corporation USA’s Growth Capital business also provided additional growth capital.
With this round, Kevel’s total funding has crossed $100 million (£74.9 million).
Kevel to Expand AI and Commerce Media Technology
Kevel provides advertising technology that allows retailers, marketplaces and commerce platforms to build and manage their own media networks. Its platform helps businesses generate advertising revenue using their customer relationships and data.
The company said demand for its technology is growing as more retailers invest in commerce media networks. These networks allow businesses to offer advertising opportunities to brands and reach customers through their own platforms.
Among its investors is dunnhumby, the retail media arm of Tesco. Kevel has also partnered with dunnhumby on the Dunnhumby Network Alliance (DNA), an initiative designed to improve connectivity and scale across retail media networks.
Kevel’s platform is built around an API-first architecture, giving businesses the flexibility to develop advertising solutions based on their own needs and strategies.
The company works with more than 100 commerce media networks across North America, Europe, Latin America and Asia-Pacific. Its customers include Tesco, Dollar General Media Networks, John Lewis Partnership, PayPal, Scandinavian Airlines, Home Depot’s Orange Apron Media and Nubank.
Funding to Support AI Development and Global Expansion
Kevel will use the fresh capital to accelerate product development, with a focus on transparent AI-powered advertising decisions.
The company plans to improve its AI decision-making and optimisation tools so retailers can understand, review and control how advertisements are ranked, bid on and placed across their platforms.
“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 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 aims to help retailers use AI while maintaining control over their customer data, advertising models and business decisions. Its platform is designed to provide visibility into why particular ads are selected and how advertising decisions are made.
The company also plans to expand into new retail and commerce media categories globally. In addition, it will strengthen its strategic advisory services to help retailers build and scale their media businesses.
“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. 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,” commented 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.”
As commerce media networks mature, retailers are increasingly looking for technology that can support advertising across multiple channels while improving performance and protecting the shopper experience.
Kevel aims to address these needs by providing infrastructure that allows retailers and marketplaces to compete with large digital advertising platforms while retaining control of their own media networks.
Cafferty & Company, an independent debt advisory firm, served as the sole advisor to Kevel on the transaction.
