Six retail technology funding rounds you need to know about
RTIH rounds up the retail systems ventures whose funding rounds have been making headlines, including Lily AI, Dukkantek, ConverseNow, Afresh Technologies, and Myplanet.
1. Dukkantek
Store management platform Dukkantek has announced a $10 million pre-Series A funding round as it looks to scale its digital ecosystem for SMB retailers across the UAE, Oman, Qatar, Kuwait, Bahrain, Turkey and Saudi Arabia and eyes more opportunities in North Africa.
The round was led by BECO Capital with participation from Rocketship and Colle Capital.
Other investors included Comma Capital, AMK Investment Office, Chaos Ventures, and Wamda Capital.
This follows a $5.2 million seed round in October 2021, taking Dukkantek’s total funds raised to $15.2 million.
2. Myplanet
Composable commerce specialist, Myplanet, has received $11 million in funding from Tercera.
It will use the cash for the likes of deepening its MACH Alliance partnerships, and doubling the size of its global talent base.
"We're at an inflection point in commerce. It used to be a shopping cart and a buy button; now it's experiences, subscriptions, consumption and connected devices," says Jason Cottrell, CEO and Founder, Myplanet.
"Composable commerce allows retailers to tap into this future and increase speed, reduce spend and build interconnectedness. With this infusion of capital from Tercera, a firm that deeply understands the space, we can accelerate that shift and become the place to go for composable commerce."
3. Lily AI
Lily AI has closed a $25 million Series B financing round with participation from the likes of Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA.
The company has developed an AI powered platform that connects a retailer’s or brand’s shoppers with products they might be looking to buy.
With clients including Bloomingdale’s, The Gap, Macy’s, and thredUP, it will use the new funding to further expand into mid-market retail e-commerce brands across home, beauty and fashion.
It also plans to extend its solution to further applications within the retail stack.
4. ConverseNow
ConverseNow, whose platform automates and personalises restaurant orders in high volume voice channels such as phone, drive thru, kiosks, voice assistants and mobile, has announced a $10 million fund raise.
This is in partnership with Enlightened Hospitality Investments (EHI), the growth equity fund co-founded by Danny Meyer, the founder of Union Square Hospitality Group and Shake Shack.
It adds to the firm’s $15 million Series A of last year, led by Craft Ventures, to bring its total funding to $28.8 million.
5. Afresh Technologies
Afresh, a startup whose technology helps grocery stores reduce food waste, has raised $115 million in new funding.
The Series B round was led by Spark Capital.
Insight Partners and VMG Partners also participated, along with Walter Robb, a senior executive at S2G Ventures and the former Co-CEO at Whole Foods Market.
The company’s total funding has now reached $148 million.
6. SubsBase
SubsBase, a subscription and recurring revenue management platform catering to the MENA region, has secured a seed round at $2.4 million.
This was led by Global Ventures. Other participating investors included: HALA Ventures, P1 Ventures, Plus Venture Capital (+VC) , Plug and Play, Ingressive Capital, and Camel Ventures, plus existing backers Falak Startups and Arzan Venture Capital.
The funds will be deployed to accelerate product development and support an expansion strategy across the MENA region.
SubsBase will also use the cash to develop its global and regional integration capabilities and build its educational content and business development support for recurring revenue-based businesses.
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