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 Triple Whale, Cymbio, Sourceful, and Proximity Insight.
1. Slip
London-based mobile app startup Slip has announced a £750k pre-seed fundraise ahead of its summer launch.
Founded in 2021 by Tash Grossman (pictured above) and Eddy Herman, the venture allows users to receive digital receipts via QR codes, view and manage their omnichannel spending and receive exclusive discount offers and personalised content based on their buying habits.
The proceeds will be used to support all areas of product development ahead of the app’s official launch. Funding will also go towards the growth of the company.
2. Triple Whale
Triple Whale, an analytics platform for Shopify brands, has raised $27.7 million in an extended Series A, the company’s first announced funding round since its foundation in May 2021.
This consists of a $24 million investment led by Elephant VC, alongside a previously undisclosed $2.7 million seed round led by NFX, and an additional $1 million raised with participation from individual investor Shaan Puri.
The cash is being used to expand the company’s development team and integrate additional components into its platform.
3. Cymbio
Cymbio, a marketplace and drop ship automation platform, has received an undisclosed investment from PayPal Ventures, the venture capital arm of the global payments giant.
This builds on a $20 million Series B financing round led by Corner Ventures.
"Cymbio shares our ambition to support businesses of all sizes in expanding their digital commerce operations. Multi-channel selling is one of the most effective ways for brands and merchants to reach more consumers and increase sales," says Phil Valka, Senior Director, PayPal Ventures.
"We're excited to invest in an innovative solution that solves customers' pain points around data integrations, thereby unlocking further growth opportunities."
4. Proximity Insight
Gresham House Ventures has invested £5 million into retail tech firm Proximity Insight.
Proximity Insight was co-founded by Salesforce experts, Kris Moyse, and Matt Lacey, and is led by CEO and Co-founder, Cathy McCabe, previously VP of Customer & Payments at luxury fashion house Burberry and CIO at British fashion brand Jaeger.
Using the venture’s app, retail teams can get to know each customer through their profile, displaying their preferences, trends, and purchase history.
They can then use the solution’s functionality to communicate, serve, and transact with customers from a single tool.
5. WaffarX
E-commerce veteran Kevin Johnson has joined WaffarX, a cashback shopping service in the MENA region, as its new Chairman.
Johnson was previously CEO at Ebates, an e-commerce marketplace and cashback platform.
Originally an investment banker and an entrepreneur, he helped launch The GulfStar Group, a boutique investment bank headquartered in Texas.
He also worked for six years with the Boston Consulting Group, providing strategic and operating expertise to leading multinational companies during assignments in North America, China, Japan, Thailand and Europe.
Johnson has also invested in WaffarX – his first personal investment outside the United States.
His appointment follows the venture’s multi-million dollar fund raise in December, led by Silicon Valley venture capital firm – Lobby Capital.
He says: “I have been impressed with what the WaffarX team have accomplished in a few short years. They have shown a real understanding of consumer loyalty and local market dynamics.”
“I am really pleased to join the team and look forward to helping spread the benefits of a world class cash back shopping programme to the consumers and merchants of the MENA region.”
6. Sourceful
Sourceful, a platform for sustainable sourcing, has secured a $20 million Series A funding round led by Index Ventures, backers of Deliveroo, Dropbox and Just Eat.
Founded in 2020, Sourceful works with brands to shrink their environmental impact by helping them find, create and deliver products that are better for their business and the planet. Coatue and Eka Ventures also participated in the round.
It will use the Series A investment to continue its expansion into international markets, with business presence in Europe, Asia, and the US, alongside doubling the size of its 65 strong team within the next two years.
The raise will also enable it to develop four new product categories, including integrating lifecycle assessments for plastics into the platform.
