Total amount raised
$73.7 Million
Latest funding date
05/01/2022
Location
Mashgin has successfully raised funding over five rounds, with the latest being a Series B. The company is backed by 17 investors, including notable names like Matrix and New Enterprise Associates.
Keep reading to explore the intricacies of Mashgin's fundraising journey and the investors backing this innovative platform.
What Is Mashgin?
Mashgin is a private software company based in Palo Alto, California, specializing in AI and computer vision checkout systems. The company operates in various technology sectors, including 3D Technology, Artificial Intelligence, Computer Vision, Retail Technology, and Software.
Founded with the aim of revolutionizing the checkout experience, Mashgin employs between 101-250 people. Its AI-powered system is designed to complete transactions in about 5 seconds, significantly enhancing customer satisfaction and operational efficiency across multiple industries.
How Much Funding Has Mashgin Raised?
- Pre-Seed Round
- Amount Raised: USD 120,000
- Date: January 2015
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype and validate the concept.
- Seed Round
- Amount Raised: USD 2,800,000
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refine the product and start initial market testing.
- Convertible Note
- Amount Raised: USD 75,000
- Date: September 2014
- Lead Investors: Highway1
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional funds for product development and early operations.
- Series A
- Amount Raised: USD 8,200,000
- Date: November 2017
- Lead Investors: Matrix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the product for broader market adoption.
- Series B
- Amount Raised: USD 62,500,000
- Date: May 2022
- Lead Investors: New Enterprise Associates
- Valuation at Round: USD 1.5 billion
- Motivation Behind the Round: To grow the team, accelerate expansion, and scale operations globally.
Total Amount Raised: USD 73,695,000. Current Valuation: USD 1.5 billion.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm founded in 1977, focusing on helping entrepreneurs build transformational businesses. They have a cumulative committed capital of nearly $24 billion and a track record of over 260 portfolio company IPOs and more than 430 mergers and acquisitions.
- Investment Focus Areas: Technology, Healthcare
- Notable Investments: Robinhood, Cloudflare, Patreon
- Matrix Partners
- Details: Matrix Partners is a venture capital firm that invests in early-stage companies across various sectors. Founded in 1977, they focus on technology and software companies.
- Investment Focus Areas: Technology, Software, Communications, Semiconductors, Internet services
- Notable Investments: HubSpot, Zendesk, Oculus
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding, advice, and connections to early-stage startups. Founded in 2005, it has helped launch numerous successful companies.
- Investment Focus Areas: Technology, Healthcare, Consumer products
- Notable Investments: Airbnb, Dropbox, Stripe
- Highway1
- Details: Highway1 is a hardware startup accelerator that provides seed funding and mentorship to early-stage companies. They focus on helping startups bring their products to market.
- Investment Focus Areas: Hardware, Consumer electronics, IoT
- Notable Investments: Not publicly disclosed
- Susa Ventures
- Details: Susa Ventures is a venture capital firm that invests in early-stage technology companies. They emphasize data-centric startups and companies leveraging network effects.
- Investment Focus Areas: Data-centric startups, Network effect companies
- Notable Investments: Robinhood, Flexport, Andela
What's Next for Mashgin?
Mashgin stands at the cusp of significant growth opportunities, driven by the increasing demand for touchless and frictionless checkout solutions. With its technology already deployed in over 800 locations, including convenience stores, sports stadiums, and airports, the company is well-positioned to expand further into new markets and geographies. The global shift towards touchless technologies, accelerated by the pandemic, presents a vast market for Mashgin to tap into.
Future fundraising opportunities appear promising for Mashgin, given its current profitability and unicorn status. The company may attract further investment from venture capital firms and strategic investors to support its global expansion and technological advancements. Potential partnerships with large retail chains and technology companies could also be on the horizon, enhancing Mashgin's market presence and capabilities.
However, Mashgin faces challenges such as intense competition from well-funded companies like Amazon and other startups in the frictionless checkout space. The need to continuously innovate and improve technology to stay ahead of competitors is crucial. Additionally, potential regulatory and privacy concerns related to the use of artificial intelligence and computer vision in retail environments could pose hurdles. Despite these challenges, Mashgin's strong market position and innovative technology make it a formidable player in the touchless checkout industry.
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