Six retail technology funding rounds you need to know about
RTIH rounds up the retail systems ventures whose funding rounds have been making headlines of late, including Banked, Contentstack, London Dynamics, Attabotics, and ifeel.
1. ifeel
ifeel, a startup providing an emotional well being service for companies, has raised an €10 million Series A investment led by UNIQA Ventures.
Nauta Capital and other investors also participated.
Born in 2017, the company has combined data analytics and clinical research by psychologists on its platform to provide employees with a way to manage their emotional well being, from self-care to therapy sessions.
Clients include Glovo, Gympass, and Thoughtworks.
2. Banked
Banked, a London-based FinTech company building a global payment network, has secured over $15 million in a Series A extension round, led by Insight Partners.
The round was supported by Citi and National Australia Bank Ventures. Newly announced commercial partner and payments firm Rapyd also participated.
The extension came as a result of an oversubscribed Series A earlier this year that was led by Bank of America. This latest infusion of capital brings Banked’s total investment raised to date to over $50 million and supports the company’s expansion into new geographies with a focus on the US.
“Banked has a huge ambition and we believe they have built the team and product to tackle such an exciting opportunity in payment,” says Byron Lichtenstein of Insight Partners.
“There are many ways to approach the problem, and Banked's unique strategy in partnering with commercial banks and payment service providers, as well as their product capabilities, stood out to us.”
3. Contentstack
Content experience platform and composable architecture specialist, Contentstack, has announced $80 million in Series C funding.
Georgian and Insight Partners co-led the round with participation from Illuminate Ventures.
The company will use the funds to continue supporting enterprise companies on their path to composable, empowering them to meet consumer demand for omnichannel and personalised experiences.
Georgian’s lead investor Emily Walsh will join the board along with Contentstack CFO David Overmyer.
4. Better Trucks
Better Trucks, a last mile delivery carrier focused on next-day and two-day parcel shipping to residential customers, has secured a $15 million round led by Lobby Capital with Corazon Capital and Venture 53 also participating.
The firm’s shipping clients include US retailers delivering across the Midwest, Northeast, Southeast, and Texas, as well as e-commerce and fulfilment companies such as ShipBob. Better Trucks is also available on multi-carrier shipping platforms such as EasyPost and ProShip.
“This first outside investment allows us to expand our footprint and build upon our proprietary tech stack to deliver a better experience for our clients and their customers,” says Andy Whiting, Better Trucks Co-founder and CEO.
“These investment partners share our vision for the next age of delivery that puts customers’ unique needs ahead of the outdated demands of legacy delivery companies.”
“Better Trucks changes the delivery game through its tech forward, end-to-end solution for any commercial shipper,” says Eric Carlborg, Co-founder, Lobby Capital.
“We got under the hood of Better Trucks and see a bright future for Andy and his team who have figured out how to supplant the incumbents to serve clients with flexibility, speed and efficiency as shipping demand soars.”
5. London Dynamics
London Dynamics, a provider of product visualisation and augmented reality solutions to retailers, has announced a seed funding round of £1 million.
The startup, led by Michael Valdsgaard, former SVP Digital Transformation at Ikea, has built a client list including Bremont Watches, Colnago and Crate & Barrel.
The round, involving a group of family offices and angel investors, will see London Dynamics bolster its brand presence, sales and customer services team.
Valdsgaard, who launched the Ikea Place AR platform, says: “Only 5% of retailers are using augmented reality, meaning there is still an overwhelming majority of the market looking and wondering how to bring about an evolution in e-commerce.”
“We have developed the tech, launched it to market and gained some great traction.”
“We understand the current economic conditions and have built a business that is geared for sustainable growth, unlike many other startup software providers. With this foundation in place, now is the right time to accelerate. We are grateful to our investors for their continued support.”
6. Attabotics
Attabotics has raised $71.7 million in Series C-1 funding.
The round, which brings total funding to $165.1 million, was led by Export Development Canada with participation from Ontario Teachers’ Pension Plan Board.
The company intends to use the funds to accelerate the commercialisation of its 3D robotics warehousing solution.
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