Including Sona, GoodShip, and Laws of Motion: 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 e-commerce pre-order and waitlist platforms, InsurTechs focused on embedded protection, and AI sizing technology for e-commerce brands and retailers.

1. Purple Dot

Purple Dot, an e-commerce pre-order and waitlist platform, has announced the closure of a $10 million Series A funding round.

This was led by European venture capital firm, OpenOcean.

Purple Dot's solution is used by hundreds of brands, including Oh Polly, Lando Norris, Goorin Bros, Astrid and Miyu, and Sachin & Babi, processing millions of dollars in transactions each month.

The Series A funding round also featured participation from Commerce Ventures and existing investors Unusual Ventures, Connect Ventures, Moxxie Ventures, and Paul Forster, former CEO and co-founder of Indeed.

The cash will enable Purple Dot to continue building its platform and expand its reach to more brands across various industries. The company has a team of 15 based in London, UK, and Charlotte, NC, USA.

2. Sona

Sona, a workforce management platform for frontline employees, has raised $27.5 million in a Series A funding round led by Felicis.

The London-based company has also welcomed onboard Northzone along with participation from Gradient Ventures, Speedinvest, Antler and Black Angel Group.

Sona has raised $40 million+ to date and will use this fresh round of capital to expand its go-to-market function and build more advanced AI capabilities on its platform.

In a LinkedIn post, Steffen Wulff Petersen, Co-Founder at Sona, said: “This is  a huge milestone for us - the entire team has been working incredibly hard on delivering a massive next-generation solution for our amazing early customers.”

“A special thank you to Donna Leedham at Affinity Trust, Claire Kennedy at Liaise, Mike Langstaff and Gleneagles, Joanna Scammell at Community Integrated Care, Brendan Smith at Choice Support, thanks also to our Senior Advisor David Campbell for your guidance.”

3. Laws of Motion

Laws of Motion, a specialist in AI sizing technology for e-commerce brands and retailers, has raised $5 million in seed funding from Corazon Capital, with participation from The Scout Program at Sequoia Capital, Leadout Capital, and serial entrepreneurs in the consumer tech and fashion industry, including Raine Group Senior Consumer Advisor Eva Jeanbart-Lorenzotti and John Howard, Co-Managing Partner of Irving Place Capital and a board member of Good American, Skims, and Frame.

This funding will enable the company to expand beyond its direct-to-consumer business with the launch of an AI sizing technology licensing solution.

It will also support its expansion into new markets, as well as the growth of its engineering, R&D, and licensing operations teams. 

4. Provenance

Provenance, a sustainability communications platform, has announced a $5 million funding round led by S4S Ventures, the investment firm co-founded by Sir Martin Sorrell, and Nordic Eye, alongside Alumni Ventures, Angel Academe and a grant from the UK government via Innovate UK.

Sanja Partalo, Co-Founder and Managing Partner of S4S Ventures, joins the board as part of the investment. 

Provenance is a data platform that validates and amplifies sustainability claims for over 230 xonsumer packaged goods (CPG) brands and retailers such as Unilever, Estee Lauder, THG, Princes and Arla, across 18 markets globally.

This enables businesses to be transparent about sustainability and inform consumers about their social and environmental impact in a way that’s accurate, unambiguous and substantiated at the point of sale.

5. Cover Genius

Cover Genius, an InsurTech focused on embedded protection, has secured a $80 million Series E funding round.

This was led by Spark Capital, known for its successful bets on Twitter, Coinbase, Slack, with support from existing investors, including Dawn Capital, King River Capital and G Squared.

Cover Genius has raised $245 million in total to date.

“The display of trust from our investors highlights the resilience of our embedded business model and potential for growth, particularly as we strategically focus on key markets like travel, retail, ticketing, and logistics,” says Angus McDonald, CEO and Co-founder at Cover Genius.

“Our collaborations with well known brands, including Uber, Ryanair and eBay, demonstrate our unique ability to create customer centric protection solutions backed by technology, policy innovation, and industry expertise.”  

6. GoodShip

GoodShip, an all in one platform for freight network orchestration and procurement, reports a $8 million Series A funding round led by Bessemer Venture Partners.

This brings its total funding to $15.4 million and includes continued investment from Ironspring Ventures, Chicago Ventures, FUSE VC, and Cercano Management, with new participation from 53 Stations, Andrew Silver, Nichole Wischoff, and other angels.

The investment will be used to expand the team, accelerate feature development, and support a growing roster of customers that includes many of America’s largest shippers.