Including RADAR, MUSINSA, and Mirakl: Seven retail technology funding rounds you need to know about
RTIH rounds up seven retail systems ventures who have recently secured significant investments in their businesses, including a platform that combines RFID and computer vision technology to track and locate in-store inventory, and a customer loyalty operating system for Shopify brands.
1. RADAR
RADAR, a platform that combines RFID and computer vision technology to track and locate in-store inventory, has secured $30 million in Series A funding, bringing its total funding to date to $63 million.
The round was led by returning backer Align Ventures, with participation from RX Ventures, which is the corporate venture capital fund of South American retailer Lojas Renner, and several other retail investors.
RADAR plans to use the cash to expand its customer roster, accelerate its product development efforts, and hire engineering, product and sales talent.
2. Huq Industries
Huq Industries, a UK-based company that provides data on footfall and visitor frequency to local councils, retail businesses and real estate developers, has bagged £4 million in equity funding led by 24 Haymarket and alongside ACF Investors.
Conrad Poulson, CEO at Huq Industries, says: “We are delighted to have garnered such strong support from like minded individuals in the UK investor community as we expand our operations to meet the growing demand for actionable insights on real world behaviours.”
“This funding will enable us to build on the world class team that we have put together here at Huq in order that we can capitalise on the immense demand that we are experiencing for our products across EMEA.”
3. Mirakl
E-commerce technology firm Mirakl has announced the signing of a €100 million revolving credit facility (RCF).
Granted by BNP Paribas, HSBC, J.P. Morgan, Natixis and Société Générale, this builds on Series D and E funding rounds.
The cash will be used to finance Mirakl's growth, in particular by investing in its technology and completing acquisitions.
Following the Series E round of $555 million in 2021, the company was valued at over $3.5 billion. Previous acquisitions include Target2Sell.
4. MUSINSA
MUSINSA, an online fashion platform in South Korea, and investment firm, KKR, have signed a definitive agreements under which funds managed by the latter will lead the former’s $190 million Series C funding round, with participation from Wellington Management.
Founded in 2001 as an online sneaker community, MUSINSA now features more than 8,000 local and foreign designer brands and an in-house brand (musinsa standard).
Over the years, it has become an ecosystem including communities, a brand incubator (MUSINSA PARTNERS), a direct-to-consumer brand operator, and an offline multicultural lounge (musinsa terrace) that allows for offline interactions with its customers and provides online-based fashion brands with a physical space for pop-up stores.
This transaction marks KKR’s first technology growth investment in Korea as part of its Asia Next Generation Technology strategy, which seeks to support the growth of innovative, disruptive companies in Asia Pacific across the likes of software, consumer technology and FinTech.
Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, says: “MUSINSA has developed itself as a top consumer internet platform in Korea and a differentiated marketplace by its ability to scale rising brands, enable the creator economy for fashion, engage and provide a high-quality e-commerce experience for customers.”
“We see enormous opportunity for it to build on its leading position in a fast growing K-fashion market that continues to shift online and expand globally on the back of K-culture’s explosive reach.”
“We are excited to partner with the management team and look to leverage KKR’s global network, operational expertise, and deep technology experience to take MUSINSA to its next phase of growth.”
The Series C is the company’s third fundraise and follows a KRW 130 billion won Series B in 2021 and KRW 100 billion won Series A in 2019.
5. Shadowfax
Indian logistics startup Shadowfax is close to wrapping up a funding round of approximately $60 million.
The Bengaluru headquartered firm counts Flipkart among its backers
It provides logistics services provider to hyper-local, on-demand delivery businesses, and counts Myntra, Zomato owned Blinkit, Decathlon, Flipkart, BigBasket and Practo among its customers.
Its logistics network reaches 9,500+ zipcodes across India and it works with over three million delivery personnels and processes 1.5 million orders a day, according to its website.
Shadowfax has raised around $121 million to date.
6. Stay Ai
Stay Ai, a customer loyalty operating system for Shopify brands, has raised a $15.1 million Series A, the company's first funding announcement since launching in October 2021.
This consists of an $8.6 million investment headed up by Telescope Partners, with participation from Boulder Food Group, Riverpark Ventures, and Vanterra Capital.
Previous investments total $7.5 million land were led by Watchfire Ventures, alongside the likes of Nik Sharma (Sharma Brands) and Adam Turner (Postscript).
7. Odore
Odore, a UK-based customer engagement platform enabling direct-to-consumer (D2C) brands to streamline their marketing efforts, has announced a $5 million seed round led by Fuel Ventures with participation from existing investors.
The startup counts the entire L’Oreal Group (including the likes of Armani, Lancome, and YSL), Dior, LVMH, and Shiseido among its clients.
It was launched in 2020 by co-founders Armaan Mehta and Karan Gupta, both graduates of London School of Economics.
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