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 Salsify, Grover, RITMO, and Dragonfly AI.
1. Crurated
London-based wine marketplace, Crurated, has raised €3 million.
Investors include wine expert Chris Van Aeken, Dip WSET, entrepreneurs, and other private wine collectors.
The funds are being used to further build out blockchain and NFT technology within the company’s platform.
Crurated launched in 2021 with an emphasis on France and Italy.
Alfonso de Gaetano, Founder of Crurated, will now focus on expanding in the Italian market throughout Tuscany and Piemonte and in France’s Côte du Rhône region.
2. Grover
Grover, a consumer tech subscription platform, has bagged $330 million in equity and debt funding, bringing the company’s valuation to over $1 billion.
The Series C round consists of $110 million in equity led by Energy Impact Partners, who were joined amongst others by Co-Investor Partners, Korelya Capital, Mirae Asset-LG Electronics New Growth Fund, as well as existing backers Viola Fintech, Assurant and coparion, and $220 million in debt financing from Fasanara Capital.
Media funds German Media Pool and SevenVentures also joined the round.
3. RITMO
RITMO, a FinTech platform that provides working capital finance and an automated buy now, pay later system for e-commerce businesses, has closed a $200 million debt funding round led by i80 Group and Avellinia Capital.
To date, RITMO has raised $225 million in debt and equity funding in its first year of operations with support from serial entrepreneurs and institutional investors.
The funding will be used to ensure capital is available to fuel the funding of 2,000+ e-commerce clients over the next 18 months in key European and LATAM countries.
It will also assist with RITMO’s global expansion strategy and plans to launch in new markets through agreements with key players in the payments and e-commerce sectors.
4. Choco
Choco, which is building a more sustainable food system for restaurants and suppliers, has brought in $111 million in a Series B2 round, boosting its valuation to $1.2 billion.
The new investment, an internal round led by G Squared alongside Insight Partners, came just six months after Berlin-based Choco bagged $100 million in a Series B round led by Left Lane Capital.
5. Dragonfly AI
Dragonfly AI, a predictive visual analytics platform with clients including Diageo, GSK, and Vodafone, has closed a £3 million Series A funding round led by Guinness Ventures and existing investors Downing Ventures.
Capita PLC also participated.
The new investment allows it to further scale up its sales engine, build its client growth team and invest in a behavioural science, R&D and product development roadmap. The funds will also be used to accelerate expansion plans across Europe and North America.
6. Salsify
Commerce experience management commerce platform, Salsify, has closed a $200 million Series F round of financing led by TPG.
The round, which includes investments from Permira’s Growth Opportunities Fund, Neuberger Berman Funds, and Cap Table Coalition, brings Salsify's valuation to $2 billion.
The Series F follows a $155 million Series E round led by Warburg Pincus in September 2020, bringing total funding to over $450 million.
The new investment will be used for the likes of global expansion beyond Salsify's existing presence in the US, France, UK, Portugal, and Australia.
