Kevel raises nearly £40 million to expand AI-powered commerce media infrastructure

Kevel, an API-first ad-tech provider for retailers and marketplaces, announced a funding round of nearly £40 million, the largest it has ever raised. Investors include Fulcrum Equity Partners, dunnhumby Ventures LLC, Iberis Capital and new growth capital from ORIX Corporation USA. The round lifts the company’s cumulative funding to over £74 million, underscoring growing interest in retail-focused media ecosystems.

Kevel will channel the capital into developing transparent, explainable AI-driven advertising tools and expanding its services to new markets and categories. The firm already supports more than 100 commerce media networks, counting Tesco, Dollar General Media Network, John Lewis Partnership, PayPal, Scandinavian Airlines, Orange Apron Media at The Home Depot and Nubank. Executives say the investment will help retailers retain ownership of data and monetization while competing with major tech platforms.