BBVA Propel backs Amazon Go rival Grabango
Spanish bank BBVA’s investment arm, Propel Venture Partners, has led a $12 million Series A funding round involving PayTech venture Grabango.
The US startup has developed Amazon Go style checkout free technology. It has now raised $18 million and is looking to grow its product development team and expand client store deployments.
“Our goal is to forever change the way people interact with things. As Arthur C. Clarke taught us, advanced technology can be implemented so well that it feels like magic,” says Glaser, Grabango’s Founder and CEO. “We don’t want to be the centre of attention, but rather for our systems to work so smoothly in the background they are completely taken for granted.”
Ryan Gilbert, General Partner at Propel, who will be joining the Grabango Board of Directors, comments: “Grabango hits the target for bricks and mortar retailers aiming to deliver a smoother shopper experience and a better bottomline. We’ve looked at all the checkout-free technology providers and Grabango is the only true enterprise scale provider in the market today.”