Five 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 Not So Dark, Checkmate, Searchspring, and Grover.
1. Not So Dark
French FoodTech startup Not So Dark has raised $80 million in Series B funding, led by Kharis Capital and Verlinvest, in partnership with Conviviality Ventures.
The round brings the firm’s total funding to date to $105 million.
Not So Dark launched in 2020 with delivery only menus sold on Uber Eats and Deliveroo. It has since been deployed across France with tech centric operations running out of its own dark kitchens.
Founders Clément Benoit (former Founder and CEO of Stuart) and Alexandre Haggai now aim to pivot the business around traditional restaurants instead of dedicated dark kitchens.
2. Checkmate
Checkmate has secured a $5 million seed funding round led by Fuel Capital.
The startup, which is working with brands like Brooklinen, UnSpun and Bala Bangles, will use the cash to accelerate its product development and customer growth.
Other participants in the round included Kevin Johnson, former CEO of Ebates at Rakuten; f7 Ventures; Blackbird Ventures; Scribble Ventures; Hyper; and Susa Ventures.
Checkmate offers a technology platform that finds the best deals from users’ email inboxes and across the web and automatically applies them at checkout.
Users can also track all their packages and store and manage their gift cards through Checkmate’s dashboard.
3. Displayforce
Hong Kong-based retail media startup Displayforce has raised €500,000 in a pre-seed round involving NL Platform.
Displayforce.has developed an AI powered in-store performance marketing automatisation tool.
This makes it possible to measure and engage shoppers, personalise marketing communication offline, and generate new revenue through programmatic advertising.
The aim is to fill the gap between online and offline marketing with an understanding of audiences, relevant messaging, and understanding different retail media formats.
4. Grover
Grover, a consumer tech subscription platform, has agreed a new €270 million debt financing facility with M&G.
With the fresh capital, it says it will expand its product inventory to serve rising demand from customers in existing markets such as Germany, Spain, Netherlands, and Austria and into new European markets.
Will Nicoll, CIO at Private & Alternative Assets, M&G, says: “Grover’s focus on developing sustainable ways to access technology is changing consumer habits for the better. By providing financing through the form of an Asset Backed Security, we are helping Grover to expand its reach, while seeking to provide our pension fund and institutional clients with attractive cashflows."
To date, Grover has raised €800 million in debt funding in Europe and $250 million in the USA. It says that asset backed lending is gaining popularity among companies and lenders active in the circular economy space, as it enables new businesses to acquire physical goods with non-dilutive capital.
5. Searchspring
Searchspring, a specialist in site search, product merchandising, and e-commerce personalisation, has announced a strategic growth investment from PSG.
Financial terms of the deal were not disclosed.
“Our growth and momentum these past few years speak to the value of our solutions as we support e-commerce merchants to drive the ultimate shopper experience,” says Peter Messana, CEO, Searchspring.
“We are grateful for our employees, customers, and partners who make it possible for us to support the market so well. Not only does PSG recognise what we have accomplished, but they also share our vision for the future of e-commerce."
PSG's investment is expected to expand the firm’s strategic roadmap and accelerate product innovation. It also positions Searchspring for market expansion in the US and internationally.
"Searchspring has become a leader within the e-commerce industry based on their passion and drive for improving the shopper experience as well as their technology which enables merchants to increase conversion and cart size," says Chris Andrews, Principal at PSG.
"This strategic growth investment represents our desire to accelerate the growth of Searchspring and our shared vision of the opportunity in the e-commerce space."
