Total amount raised
$93.8 Millions
Latest funding date
11/01/2022
Location
Grabango has successfully raised $39 million in Series B funding, with its last funding round being a Convertible Note on November 10, 2022. The company is backed by 27 investors, including notable names like Honeywell Ventures and Vela Partners.
Keep reading to explore the intricacies of Grabango's fundraising journey and the investors backing this innovative platform.
What Is Grabango?
Grabango, founded in 2016 by Will Glaser, is a company that developed checkout-free technology for large-scale grocery and convenience stores. Based in Berkeley, California, the company employed between 51 and 100 people.
Specializing in artificial intelligence, computer vision, machine learning, and retail technology, Grabango's platform allowed customers to shop and leave without manually checking out. The technology tracked items picked up by shoppers in real-time, integrating seamlessly into existing stores.
How Much Funding Has Grabango Raised?
- Seed Round
- Amount Raised: $4M
- Date: March 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of their checkout-free technology.
- Series A
- Amount Raised: $14.1M
- Date: January 2019
- Lead Investors: Propel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the technology and secure initial retail partnerships.
- Venture Round
- Amount Raised: $5.9M
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology and increase market penetration.
- Convertible Note
- Amount Raised: $10.1M
- Date: July 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and technology enhancements.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: July 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and technology.
- Series B
- Amount Raised: $39M
- Date: June 2021
- Lead Investors: Commerce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up the checkout-free technology and expand the development team.
- Convertible Note
- Amount Raised: $20.6M
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support further technology development and market expansion.
Total Amount Raised: $93.7M. Current Valuation: Not publicly disclosed.
Key Investors
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in early-stage technology companies. They focus on transformative commerce technologies.
- Investment Focus Areas: Commerce technologies, financial services, retail technology.
- Notable Investments: Marqeta, Bill.com, Socure.
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm known for investing in companies across various sectors. They have a reputation for backing innovative technology companies.
- Investment Focus Areas: Aerospace, artificial intelligence, consumer internet.
- Notable Investments: SpaceX, Palantir Technologies, Airbnb.
- Unilever Ventures
- Details: Unilever Ventures is the venture capital and private equity arm of Unilever. They focus on consumer brands and technology.
- Investment Focus Areas: Consumer brands, digital marketing, e-commerce.
- Notable Investments: Olaplex, Gousto, True Botanicals.
- Honeywell Ventures
- Details: Honeywell Ventures is the venture capital arm of Honeywell. They invest in high-growth companies that align with Honeywell's strategic interests.
- Investment Focus Areas: Industrial automation, aerospace, building technologies.
- Notable Investments: Element Analytics, Foghorn, Soft Robotics.
- WIND Ventures
- Details: WIND Ventures is the venture capital arm of Copec. They focus on energy, mobility, and retail technology investments.
- Investment Focus Areas: Energy, mobility, retail technology.
- Notable Investments: Stem, Yoshi, Scoot.
What's Next for Grabango?
Grabango stands at the cusp of significant growth, with opportunities to expand its checkout-free technology to more grocery and convenience stores. The company has already partnered with major retailers like Giant Eagle and ALDI, and is eyeing international markets, including South America. The grocery market, valued at $5.7 trillion, presents a vast landscape for Grabango's technology, which is already being deployed in stores with over 15,000 SKUs and tens of thousands of transactions each month.
Future fundraising opportunities seem promising, given the successful Series B round and the involvement of high-profile investors. Additional funding could support further expansion and technological advancements, enabling Grabango to scale up deployments and enhance its technology. However, challenges remain, such as ensuring seamless integration in diverse retail environments and competing with other checkout-free technology providers. Maintaining high standards while scaling up the development team will be crucial for sustained growth.
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