Challenging the status quo: 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 GoBolt, Locus Robotics, Archive, and Oda.
1. Ambl
Ambl - a platform matching diners and drinkers with hospitality venue availability - has closed a £1 million funding raise and officially launched.
Founded in 2021, the London-based startup’s app geographically matches people looking for an immediately available venue, with real-time capacity within a 30-minute time window.
The investment has come from hospitality industry heavyweights including Paul McKenna, Jon Spiteri and serial entrepreneur Mark Gordon. It is Ambl’s fourth pre-seed funding round with total investment to date sitting at £2.3 million.
2. Atoa
PayTech startup Atoa has announced a $2.2 million pre-seed funding round led by Leo Capital and Passion Capital.
This also included angel investors such as Matt Robinson (co-founder of GoCardless and Nested) alongside Moon Capital Ventures.
Anil Stocker, Co-Founder and CEO of MarketFinance also serves as a company advisor.
Atoa, which went live in June, argues that Mastercard and Visa payment rails have an effective duopoly in the market which enables them to get away with net margins as high as 51% at the expense of small merchants and their customers.
On top of this, card machine providers charge small businesses up to 1.75%.
Atoa claims that it is building an alternative for small businesses to accept payments at a fraction of those costs and to improve their cash flow meaningfully at the same time.
Businesses download the firm’s app and connect their merchant bank account. Set up takes less than five minutes, after which the merchant can accept payments via SMS, Pay-by Link or by displaying a QR code on their Atoa app or physical QR stand next to their till.
At the same time, their customers do not need to download a separate app to pay. Anyone with a UK mobile banking app on their phone can pay via Atoa.
They scan the merchant’s QR code or clicks on the link sent by the merchant, select their bank and then are redirected to their existing mobile bank app to approve the payment.
3. Locus Robotics
Locus Robotics, a specialist in autonomous mobile robots for fulfilment and distribution warehouses, has secured more than $117 million in Series F funding, led by Goldman Sachs Asset Management and G2 Venture Partners.
As part of this, Mark Midle, Managing Director, Goldman Sachs, and Zach Barasz, Partner, G2 Venture Partners, will join the Locus board of directors.
The funding round brings its valuation close to $2 billion.
4. GoBolt
Ingka Investments has increased its investment stake in GoBolt, a Canadian logistics and last mile delivery provider.
This will enable the firm to grow its operations in existing markets, Canada and the US, where it has been working with Ikea Retail as a last mile delivery partner, deploying zero emission electric vehicles in several locations.
Ingka Investments made a minority investment in November 2021 and this new CAD $75 million million Series C investment round by new and existing investors, will enable the company to increase its electric fleet, add enhancements to its warehouses through robotics, and continue to hire people.
“We’re delighted to increase our investment stake in GoBolt and support their continued growth,” says Peter van der Poel, Managing Director at Ingka Investments.
“We are eager to support GoBolt in growing its position as a next-generation logistics company, including increasing their electric fleet of vehicles. It represents another step in ensuring all Ingka Group home deliveries are made by zero emission vehicles by 2025.”
“GoBolt has always taken pride in being an innovative force within an antiquated industry. We're constantly keeping an eye on what’s next while also creating a more sustainable future for the logistics industry,” says Mark Ang, CEO and Co-founder, GoBolt.
“This round of funding will help us lean farther into the areas we’re already leading, such as our proprietary technology and growing electric fleet. It will also enable us to embrace other innovations changing our industry like warehouse automation.”
5. Archive
Resale technology startup Archive has announced a $15 million Series A fundraise led by Lightspeed Venture Partners with participation from Bain Capital Ventures and several minority investors.
This brings the firm’s total funding to over $24 million. In addition to the raise, Alex Taussig, Partner at Lightspeed, will join the company’s board of directors.
This fresh instalment of capital will support hiring across engineering and brand success teams to help Archive continue to scale its technology and integrations, and accelerate upcoming launches across North America and Europe.
6. Oda
Online grocery delivery firm, Oda, which operates in its home market of Norway as well as Finland and Germany, has raised 1.5 billion Norwegian crowns in equity (approximately $151 million).
This gives it a post money valuation of NOK3.5 billion, or $353 million.
In April 2021, Oda (known then as Kolonial) was valued at around $900 million when it raised $265 million from investors that included SoftBank’s Vision Fund.
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