Bingobox lands major funding for Amazon Go rival

Fosun Capital has led a US$80 million series B round in the brilliantly named Bingobox.

Established in 2016, the startup has developed a Chinese take on the Amazon Go concept, namely fully-automated convenience stores where customers scan their face or their phone to enter and use self-service checkout via barcode scanning and mobile payments. It has so far deployed nearly 300 outlets in 29 cities in China. “With the application of mature imagine recognition technology, I believe Bingobox will have its effectiveness greatly improved,” says Eric Xu, Managing Partner at GGV Capital, who also participated in the round.

Bingobox previously raised US$15 million in a series A round led by GGV. It plans to use its latest windfall to develop its technology and upgrade its products.