Grab2Go bags funding for AI based convenience store solution

Estonia-based autonomous store technology startup Grab2Go has secured €750,000 in funding.

It has raised €1 million in total to date, and will use the cash for product development, expanding its team and its go to market strategy.

The company has developed convenience store technology based on artificial intelligence, which forms part of a software platform.

This analyses consumer behaviour and sales dynamics, enabling stores to organise sales, logistics and management more efficiently.

The offering includes a robot that can observe and change a store’s processes, for example, the internal temperature or the shelf life of a product.

“Our initial plan was to introduce the prototype for the wider public in the first quarter of 2022, but our clients’ feedback and approval have made it possible for us to develop the product behind closed doors, so to speak,” says Mart Viilipus, CEO at Grab2Go.

“Right now, we’re working on certain pilots to launch the product with our clients. The exact time that the devices will be up and running at our clients will become clearer during this process.”

“We have big plans – with the first pilots, we want to prove that ours is a solution that changes the conception of convenience stores, just like Amazon Go did, however, our format is completely different,” adds Co-founder and CSO, Reio Orasmäe.

“If we can achieve this, the software platform can be used in different sectors and linked to different hardware technology.”

In addition to expanding its team, the company plans to develop its solution and grow sales in Europe in the second half of the year, when the next round of financing will take place. 

The lead investor in this financing round was Madis Müür, who has also backed Cleveron. “I made a follow up investment in Grab2Go based on a very good team solving a major problem in a big market and the timing being ideal,” he comments.

“Amazon and Alibaba are expanding with their solutions, and many retail customers need to take decisive action against them, so the timing could not be better to bring the product to market.”

“The winners are yet to be determined. The team has progressed well with product development. The investment is undoubtedly in the early phase, but the preconditions and the potential to do something great are very motivating."