Six retail technology funding rounds you need to know about
RTIH rounds up the retail systems ventures who have been making waves with major investments, including PayFit, Bolt, DigiDoe and Back Market.
1. PayFit
PayFit, a French startup that specialises in payroll and HR management solutions for SMEs, has raised €254 million in a Series E funding round and reached €1.82 billion in valuation.
General Atlantic led the round, with participation from existing investors Eurazeo, Bpifrance and Accel Ventures.
PayFit plans to use the funds to recruit new team members, accelerate the development of new products, and increase its market share across Europe.
The company’s proprietary technology platform enables HR managers, finance managers and business owners to conduct payroll calculations in markets with complex regulatory requirements.
2. Responsible
Barclays has led a $6.6 million seed round in Responsible, which operates a technology platform called Buy Back that is designed to provide shoppers and brands with an overview of the value of returned garments.
The plugin is available within the Shopify ecosystem and will soon be rolled out to other e-commerce platforms.
The new funding will be used to expand the firm's reach throughout Europe and extend its network of brand partnerships.
3. Bolt
Bolt, which operates on-demand ride hailing, shared cars and scooters, and restaurant and grocery delivery, has raised €628 million at a valuation of €7.4 billion.
It will use the cash to continue expanding to new geographies and to bring more consumers and partners to its “super app”.
Its 15 minute grocery delivery option, Bolt Market, will be building out dark stores in more cities to expand the service beyond the 10 where it is currently active.
4. Avataar
India-based artificial intelligence and computer vision startup Avataar has secured $45 million in a Series B funding round.
This was led by Tiger Global, and also involved existing investor Sequoia Capital India.
Avataar has raised around $55.5 million in total to date.
Established in 2014, the venture provides e-commerce marketplaces and direct-to-consumer brands with a platform called SuperNova, which brings products to life using 3D technology.
5. DigiDoe
DigiDoe, a London-based startup that offers biometrics-based payments to merchants without the presence of a card or phone, has secured £852,500 in funding.
Led by Joint Journey, along with several individual investors, this gives DigiDoe a 12 month runway to enhance its proprietorial technology.
It’s an initial institutional investment round, with a second tranche of investment set to close at the end of January. The business was established with £410,000 from the three founders, family and friends.
6. Back Market
Refurbished electronics marketplace, Back Market, has announced a Series E funding round of $510 million led by new investor Sprints Capital and also involving existing backers.
It will use the cash to expand its operations in Europe and beyond.
Back Market Co-founder and CEO, Thibaud Hug de Larauze, says: “Our goal is to make refurbished electronics the first choice for tech purchases.”
“We expect to see similar to the same development in the electronics market as we have witnessed in the second hand car market, where sales of second hand vehicles have increased compared to new car sales in.”
“The support and confidence of these funds, together with our growing customer base, marks an important step in our journey, and more importantly, for the circular economy as a whole.”
