Store intelligence solutions specialist Simbe bags $50 million in Series C round to tackle 'last great data desert'

Simbe has closed a $50 million Series C equity financing round led by Growth Equity at Goldman Sachs Alternatives, with participation from Eclipse and Valo Ventures and other existing investors.

Since raising its Series B in July 2023, Simbe has achieved milestones such as introducing multiple capabilities and securing numerous new and expanded partnerships across various retail sectors.

The new capital, which brings the total amount raised to over $100 million, will be used to meet demand across retail verticals, expand into new product areas, and continue scaling its solutions to retailers and brands around the world.

Since introducing its autonomous item scanning robot, Tally, Simbe has refined, expanded, and scaled its platform to power automated shelf intelligence.

"Retail is a cornerstone of modern society, yet physical stores remain burdened by what we call the last great data desert - knowing precisely what's happening on store shelves. In partnership with top global retailers, Simbe is building the essential system of record to power retail's operating layer,” says Brad Bogolea, Simbe’s Co-Founder and Chief Executive Officer.

“Goldman Sachs is renowned for supporting and scaling enterprise technology and automation companies, and this new capital underscores our vision to transform retail with true in-store visibility. Simbe’s technology will power every store, improving the experience for every retailer, brand, employee and shopper.”

“Retail automation is a rapidly growing sector, and Simbe is well-positioned to capitalise on the enormous market opportunity due to its strong track record with top global retailers, underscoring its proven impact at scale and strong capabilities,” says Ben Fife, Investor, Growth Equity at Goldman Sachs Alternatives.

“We proactively led Simbe’s $50 million round because we recognise their distinct ability to steer retail transformation and meet surging demand for AI and robotics. It’s only a matter of time until we see technology like Simbe’s in every retail store.”

2024 RTIH INNOVATION AWARDS

Store intelligence is a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.