Including Retail247 and GoWit: Six retail technology funding rounds you need to know about
RTIH rounds up six retail systems ventures who have recently secured significant investments in their businesses, including Gr4vy, Refined Networks, and Vok Bikes.
1. Retail247
Retail technology consultancy and software developer, Retail247, has secured a £500,000 investment from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
The firm has developed a suite of proprietary cloud-based solutions for its customers, who include Reiss, Crew Clothing, AllSaints, and LK Bennett.
The funding will be used to expand its tech team and enable further product development to meet increased demand.
Martin Schofield, Retail247 CEO and Co-Founder, says: “As Origin and Quantum are successfully rolled out to more retailers, we are seeing a significant uptick in interest for our innovative solutions and funding is needed to support ongoing development activity and recruit new staff to grow the business.”
“To date, we have self-invested in the development of our technology. We have been successful not only with the development, but also in achieving market entry. Now we need to scale, and we are delighted that FSE is able to provide the MEIF loan to support this stage of our growth.”
2. Refined Networks
UK-based Refined Networks, a technology platform for cross-border digital commerce, has announced the completion of a £2.5 million Series A round backed by Souter Investments, in conjunction with the Rueff family and existing seed round investors, including former TFG London CEO, Ben Barnett, and JJill Inc Chair, Michael Rahamim.
Brands (including Lindex, Marc O’Polo, IKKS Paris, By Malina, Saint Tropez and Petit Bateau) work with Refined Networks to drive their cross-border online sales through partners including John Lewis, Next, Selfridges and Harvey Nichols.
The funding round will enable the firm to launch internationally in A/W23, taking its existing brand portfolio and a curated selection of UK brands into platforms and marketplaces across Europe, North America and the Middle East.
3. Gr4vy
Cloud native payments infrastructure company, Gr4vy, has announced an investment from W23, Woolworths Group’s venture capital arm.
An exact figure was not made available, but those involved said it was a multi-million dollar deal.
This expands on an existing partnership. Gr4vy previously raised $27.2 million in total funding and will use the new investment to further growth within Australia and the APAC region.
4. Vok Bikes
Vok Bikes, an Estonian startup producing electric cargo bikes for last mile deliveries, has closed a 3.8 million euro seed round, including Estonia’s SmartCap, Jaan Tallinn’s Metaplanet, Specialist VC, Sunly, a list of angel investors and a 300,000 euro grant from Enterprise Estonia.
"SmartCap Green Fund, established in 2022, focuses on fostering investments into startups whose activities help to solve environmental problems and achieve the set climate goals," says Sille Pettai, Fund Manager and Member of the Board at SmartCap.
"Vok Bikes clearly contributes to solving environmental problems with the development of cargo bikes, particularly in the transportation sector as cargo volumes are increasing and there is need for new solutions due to changed market demand and purchasing practices.”
“Therefore, it is a logical step for us to contribute to innovation in the transportation sector and participate in the current seed round.”
5. GoWit
GoWit, a startup focused on omnichannel retail media advertising solutions, has bagged an $1 million investment in its first financing round.
Leading this are Esas Ventures, Alarko Ventures, APY Ventures and Mindvest GSYF (Venture Capital Investment Fund).
Following on from the launch of its latest SaaS product GoWit RMA (Retail Media Ads), the cash will allow the company to begin expanding globally, invest in product development and grow its team.
6. Levit and Alwayz
Seoul-based e-commerce startup, Levit, operator of the shopping app, Alwayz, has pulled in $46 million in a Series B round of funding led by DST Global Partners with participation from new investor BOND and existing backers KB Investment, Mirae Asset Capital, Korea Investment Partners, GS Ventures, and Klim Ventures.
With the latest round, Levit has raised a total of $67 million since its inception.
Alwayz offers a wide range of products, from daily groceries to home appliances and apparel to cosmetics.
It also taps social features like short videos and gamification to attract customers.
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