Including 3D Cloud by Marxent and 8fig: five retail technology funding rounds you need to know about
RTIH rounds up five retail systems ventures who have recently wrapped notable funding rounds, including Secret Sales, ace turtle, and BrainBox AI.
1. Secret Sales
Secret Sales, non-full price marketplace for fashion, sportswear and beauty brands, has bagged $10 million in a Series B funding round.
This comes two years after the company’s first round of funding, which raised €10 million in June 2021.
Series B investors included ePerwyn, Belerion Capital, and Big Ideas Group.
Chris Griffin, CEO at Secret Sales, says “With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding.”
“The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.”
“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution.”
“We’re thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”
2. 3D Cloud by Marxent
US-based 3D Cloud by Marxent, a 3D product experience platform for furniture and home improvement retailers, has raised $7.5 million in a Series D round of funding.
This was led by Tampa-based entrepreneur and board member Arnie Bellini with additional support from Lee Arnold, Executive Chair at Colliers International Florida and a long-time investor in the company.
The round increases 3D Cloud by Marxent’s valuation to over $135 million. It has raised $42 million in total to date.
"With the Series D funding, we’ll be able to fast-track the development of our AI and design automation capabilities," says Beck Besecker, CEO and Co-founder at 3D Cloud by Marxent.
"Interior and outdoor design professionals are looking for modern, browser-based, and collaborative solutions and will love designing with 3D Cloud applications.”
“Our goal is to create easy to use tools that cater to the needs of homeowners, store associates, and design professionals alike. AI is the key to achieving this vision."
3. ace turtle
Omnichannel technology provider ace turtle has landed $34 million as part of a Series B funding round.
This was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. Existing backers Vertex Southeast Asia & India and InnoVen Capital also participated.
Nitin Chhabra, CEO at ace turtle, says: "Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce.”
“The funds will be utilised to develop cutting-edge technological tools that ensure seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans. This will help us to expand our brand portfolio and solidify our competitive edge in the market."
James Lee, General Partner of Vertex Growth, comments: "We are delighted to be a part of India's massive consumer upgrade story. We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth.”
“The asset light approach of ace turtle, their deep domain expertise in product supply chain and utilisation of data-driven insights in understanding consumer behaviour and demand, present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future."
4. BrainBox AI
BrainBox AI, a startup that specialises in autonomous building technology, has announced a $20 million fundraise.
The Government of Québec was a lead investor for $10 million, alongside ABB, a returning backer and global partner to BrainBox AI.
“We are grateful for this significant investment from the Québec Government and ABB. Having their support propels our mission to provide commercial real estate owners and retailers around the globe with a scalable and impactful decarbonisation tool,” says Sam Ramadori, Chief Executive Officer at BrainBox AI, which was founded in 2017.
“As buildings account for over 38% of GHG emissions globally, there is no way around the necessity of making buildings significantly more efficient.”
“The convergence of investments from both the public and private sectors clearly shows that the work we are doing is resonating across the board, which we view as very positive as this challenge will require collective involvement to make a meaningful impact given its sheer scale and difficulty.”
5. 8fig
E-commerce planning and financing platform, 8fig, has closed a $140 million Series B funding round in combined equity and debt led by Koch Disruptive Technologies (KDT) with participation from existing investors Battery Ventures, Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank.
This brings its total funding to date to $196.5 million.
“During this period of economic uncertainty, e-commerce businesses are struggling to reach their full potential,” says Yaron Shapira, Co-founder and CEO at 8fig.
“The global macroeconomic challenges we are experiencing make it difficult for ecommerce business owners to access the resources they need to succeed. 8fig is providing these online sellers with the financial support and tools necessary to thrive in any economic climate.”
“The latest funding round has proven that the market has great confidence in 8fig and the important role it continues to play in the ongoing growth of e-commerce.”
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