Including Swiipr, Slip, and Whizz: 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 marketplace via which independent retailers and brands can sell excess inventory, an e-bike subscription offering for last mile delivery drivers, and a platform which helps retailers digitise receipts.

1. Max Retail

Max Retail, a marketplace via which independent retailers and brands can sell excess inventory, has announced a $15 million Series A round led by Nosara Capital, with participation from Rethink Impact.

The round also includes continued support from VC M13, The Artemis Fund, and StandUp Ventures.

“Independent retail shops are core pillars of their communities but face limited options for their excess inventory other than discounting far below cost, sending to consignment, or donating for a tax write off,” says Melodie van der Baan, CEO and Co-founder of Max Retail and former independent retailer.

“With this investment, we will continue to grow our sales channel network and expand this excess inventory solution to support the full product lifecycle, giving independent retailers and brands the tools they need to increase their inventory turns and maximise cash recuperation on unsold goods.”

2. Whizz

Whizz, an e-bike subscription platform for last mile delivery drivers, has raised $12 million in a Series A funding round led by LETA Capital, with participation from Flashpoint VC, and others.

The round takes the company’s total funding to $20 million.

These funds will enable Whizz, which was founded in 2022, to provide mоrе delivery workers across the

United States with the best tools for the job. Many of these are immigrants without a crеdіt history to gain approval for a lоаn, which prohibits them from accessing affоrdаblе and safe electric transportation.

“Since its launch in 2022, Whizz has sped ahead of its competitors by building the safest and most reliable delivery e-bike on the market, and creating powerful software that has allowed the business to grow exponentially without breaking down,” says Mike Peregudov, Co-founder and CEO.

“The moment has come when the market is moving from the early stage into maturity.”

“Regulatory pressure is increasing, which will make it difficult for new businesses to enter the market, but it’s welcomed news for established companies such as us, and we fully intend to stake our claim as the number one e-bike rental service in the US.”

3. Swiipr

Swiipr, a travel PayTech company, has secured £6 million in Series A funding, led by Octopus Ventures. This builds on seed funding of approximately £1 million.

Launched in 2020, Swiipr is being used by 26 airlines across 70 countries.

Over 500 million global passengers are estimated to be affected by flight disruption each year, costing airlines billions of dollars in payouts as well as significant customer dissatisfaction, reputational damage and regulatory fines.

Paper vouchers in particular are time-consuming to process and issue, fraud prone, notoriously retailer and passenger unfriendly, and environmentally unsustainable.

Bank transfers can take months to process, physical cash is insecure and expensive to handl at airports, and loyalty points and future travel vouchers are often unpopular. 

Swiipr says that its integrated digital platform, including virtual and physical pre-paid compensation cards and a mobile app, give airlines the tools they need to solve these pain points for both themselves and passengers, whilst being fully compliant with the latest passenger rights regulations. 

4. Grubtech

Grubtech, a SaaS integration and unified commerce platform for F&B and quick commerce enterprises, has raised $15 million as part of its Series B and a Series A extension round. 

The Series B round was led by the VC arm of Jahez Group, an online food and quick commerce marketplace listed in Saudi Arabia, with the participation of existing investors Addition and Oryx Fund, the MENA dedicated fund of Hambro Perks.

Grubtech was founded in 2019 with its flagship solution, gOnline, integrating online and in-store ordering channels into downstream systems like PoS, ERP, inventory, third party logistic and loyalty solutions. 

It also has solutions to streamline in-store operations, fulfilment, and AI driven data analysis.

5. Slip

Slip, a platform which helps retailers digitise receipts, has raised a £2.5 million seed round led by Adjuvo and joined by Haatch Ventures, Unbundled VC, the Side by Side Partnership, and a range of angels including Asos’ Executive Vice President of Customer & Marketing, Dan Elton, and former CIO at Frasers and former CTO at John Lewis, Julian Burnett. 

Launched in 2022, Slip’s software has been tapped by retailers including JD Sports and Beyond Retro. 

Its API can integrate with existing systems - thanks to partnerships with providers including Shopify, Klaviyo, Epos Now and Sitoo - with insights from customer activity fed directly into partner CRMs or marketing technology stacks.

Founder and CEO Tash Grossman was inspired to launch Slip after a lost receipt saw her stranded in a store, unable to return a faulty item.

The experience sparked the idea for a digitised system that works better for customers and creates opportunities for retailers to add value. She was joined by co-founder and CTO Eddy Herman to turn the vision into reality.

Alongside its mission to unlock insights and personalised marketing routes for retailers, the company also wants to eliminate the environmental impact of paper receipts. In the UK alone, over 11 billion receipts are generated each year, most of which aren’t recyclable. 

6. iyris

iyris (formerly known as RedSea), an AgriClimate Tech firm that helps growers globally increase crop yields, reduce input costs and risk, and extend growing seasons in some of the most difficult farming environments, has completed a $16 million Series A fundraise.

The round was led by Ecosystem Integrity Fund and was supported by current and new institutional investors including Global Ventures, Dubai Future District Fund (DFDF), Kanoo Ventures, Globivest, and Bonaventure Capital.

Proceeds will support increased sales coverage and delivery of iyris’ international sales pipeline for SecondSky greenhouse covers and nets. It will also fund continued development of its heat blocking products and resilient plant genetics.

John Keppler, Executive Chairperson at iyris, says: "We are building a great company, making it easier for farmers to grow fresh produce in increasingly difficult climates. There are few problems more challenging than feeding the world sustainably. iyris is assembling the necessary toolkit to help farmers improve crop yields with less resources.”

“In just a very short time, we have brought our products to market and proven that they work. But we have a lot left to do and completion of our Series A fundraise enables us to take the next steps in expanding sales of our drop-in solutions for heat blocking and crop resilience to our grower customers around the world.”

Sasha Brown, Partner at EIF, comments: “EIF has been studying the impact of increasingly extreme weather on agriculture. iyris’ suite of products are tailored for growers in harsh and volatile conditions, who have been underserved historically by AgriClimate Tech innovation.”

“These growers, who often operate on thin margins, have few options to better manage their farms to reduce the risk of crop loss, increase yields, and reduce water and energy consumption.”

“We have invested in iyris because we believe there are few companies that have such tremendous potential to become a critical partner for a mass market of growers, as they seek to adapt their operations to withstand and mitigate changing climate.”

7. Retail Insight

ThinCats says that it has provided a significant funding package to Ventiga Capital backed Retail Insight, a provider of store focused solutions in retail operation analytics to retailers and CPG companies.

Ventiga Capital Partners backed the company in 2019 and alongside founder and CEO Paul Boyle has scaled the business since acquisition.   

The facility will be used to refinance existing debt and fund working capital to support the growth of the business. A significant portion of it is a rolling credit facility.

The transaction was advised by BDO.  

Boyle comments: “It’s an exciting time for us, as we continue to innovate for our clients, helping the world’s best retailers and leading category kings harness the power of their data to maximise their full store potential.”

“Neil and the team at ThinCats took the time to really understand our vision for the future, making them the ideal funding partner to support us through our next phase of growth.”