Retail tech funding is growing year over year with increasing tech adoption by retailers
The increasing use of advanced technology and software in retail is substantially transforming the industry. Retailers are leveraging a different variety of technologies to meet customers’ needs and preferences. From contactless payments to extended reality and digital commerce, retail tech startups are constantly redefining the way retailers do business. With these relentlessly emerging technologies, these startups are attracting massive investments. As the retail tech funding and deals had witnessed a descending graph in 2020, it is estimated that the funding will progress in the new year.
IndustryWired has listed top retail tech funding that is worth looking at in March 2021.
Stripe, a developer-oriented commerce company, has secured a mammoth amount of US$600 million in a funding round. The Series H round was led by Allianz X, AXA Group, Baillie Gifford, Fidelity Management and Research Company, National Treasury Management Agency (NTMA), and Sequoia Capital. With this funding round, Stripe’s total funding valuation reached US$95 billion. The fresh capital will enable the company to invest in its European operations and its Dublin headquarters in particular. It will also be used to support increasing demand from enterprise heavyweights across Europe, and expand its Global Payments and Treasury Network.
Nimble Robotics, a California-based intelligent robotic manipulation and e-commerce fulfillment technology company, raised US$50 million in Series A financing. The round was led by DNS Capital and GSR Ventures along with Accel and Reinvent Capital, among others. Nimble plans to utilize the funds to further accelerate its hiring process, product and technology development, and scaling of robot deployments for its customers’ fulfillment operations.
Heyday, a Canada-based Conversational AI platform for retailers, has raised CA$6.5 million (US$5.1 million) in a Seed round. The funding takes the company’s total valuation to CA$8.5 million to date, following the initial funding of US$2 million in April 2019. Heyday’s AI-powered chatbot provides customers an instant, self-serve, first line of support, and triages conversations to dispatch them to the right expert when necessary, whether it’s an in-store associate or a customer service agent.
Webscale, an integrated web application delivery solution for e-commerce businesses, has secured US$26 million in Series C financing. The round was led by Benhamou Global Ventures, Mohr Davidow Ventures, and Stereo Capital. This investment in Webscale’s comprehensive e-commerce platform is more relevant than ever. Unlike headless-first technology players, Webscale helps merchants leverage new technologies and maximize their significant investments in ERP and CRM systems, without demanding a “rip and replace” of their existing solutions.
End-to-end digital commerce solution for retail shops Store.ai has bagged US$21 million in a Series A round. The funding was led by Meitav Dash and Mizrahi Tefahot, and supported by existing investor Kli Capital and individual investors including Mayer Gniwisch. The funding will be used to integrate new, next-generation features into the company’s core offering. It will also accelerate its growth in North America, and enter into new markets in Latin America and Europe, helping grocery stores to thrive in an increasingly digitized market.
GrubTech, an end-to-end SaaS platform for cloud kitchens and delivery-centric restaurants, has bagged US$3.4 million in a pre–Series A funding round. The round was led by Ghassan Oueida, Gry Loseth, as well as reputable angel investors. GrubTech intends to use the funds to further expedite product development and capitalize on increased demand from MENA, Europe, and the Americas.
Shoopy is a Noida-based retail tech startup that creates invoice and loyalty programs. The company has raised US$250,000 in a Seed funding round to stimulate its growth and scale up its business and product portfolio. The round was led by US-based Campanile Investments LLC and Delhi-based investment firm Redcliffe Capital. Founded in 2020, Shoopy offers and shares products in the social network from a mobile app.