Checkout-free technology company Grabango has raised $39 million in a round of series B funding. The round was led by Commerce Ventures with participation from Founders Fund, Unilever Ventures, Honeywell Ventures, and WIND Ventures.
“We evaluated nearly every company in the space and chose Grabango because they had the most robust technology, an approach that works in complex retail environments, and an incredible team. This combination is why they continue to pull away as the market leader,” said Matt Nichols, partner at Commerce Ventures, in a statement. “Incredibly, the $5.7 trillion grocery market had been left behind as tech innovation focused on other sectors. Grabango delivers a new level of convenience for shoppers and will transform the economics of grocery and convenience stores across the world.”
To date, Grabango has signed five retail partners, each over $1 billion in revenue, and plans to expand its partnership with Giant Eagle by launching its checkout-free technology into four more stores in the greater Pittsburgh area by the end of 2021.
“At Giant Eagle, our success over our 90-year history is founded in our commitment to service and innovation,” said Laura Karet, president and CEO of Giant Eagle, Inc., in a statement. “In the past decade, we have experienced significant growth in using technology to advance how our customers shop with us in-store and online. Grabango is a key partner in what we will accomplish in the next 10 years. Since we first introduced their system last fall, we’ve seen customers embrace the technology and use it with enthusiasm. We’re excited to roll out this technology to additional locations in the coming months so more of our shoppers can enjoy the convenience of safely skipping the checkout line.”
Related: Giant Eagle Introduces Cashierless Checkout; Giant Eagle Revamps Loyalty Program.
Image: Grabango