Simbe, a leading provider of Store Intelligence solutions, announced the closing of a $50 million Series C equity financing round led by Growth Equity at Goldman Sachs Alternatives, with participation from Eclipse and Valo Ventures and other existing investors. And since raising its Series B last year, Simbe achieved significant momentum and milestones such as introducing multiple capabilities and securing numerous new and expanded partnerships across various retail sectors.
This new funding, which brings Simbe’s total amount raised to over $100 million, will be used to meet surging demand for retail technology across retail verticals, expand into new product areas, and continue scaling its best-in-class solutions to retailers and brands around the world.
Since launching the first advanced autonomous item-scanning robot, Tally, Simbe has expanded and scaled its platform to power automated shelf intelligence for the world’s largest number of retail banners. And through industry-leading computer vision, AI, and robotics, retailers and their vendors gain unprecedented visibility into store and shelf conditions, driving data-driven decisions across all channels, more robust business performance, and enhanced store team and shopper experiences.
This year, the company also announced new and expanded partnerships with major retailers and their banners, including SpartanNash (Family Fare, Martin’s Super Markets, D&W Fresh Market, VG’s Grocery), Wakefern Food Corp. (ShopRite), Northeast Grocery (Market 32, Price Chopper Supermarkets, Tops Friendly Markets), Albertsons Companies (Market Street, United Supermarkets, Albertsons Market), and CarrefourSA, while continuing to strengthen existing partnerships with BJ’s Wholesale Club, Schnuck Markets, and multiple Fortune 500 retailers yet to be formally announced. Today, Simbe powers automated shelf intelligence for leading retailers across three continents and is the only retail technology vendor delivering proven value at scale with multiple chain-wide deployments and long-standing customer successes.
This year, Simbe introduced numerous products and capabilities, including:
1.) Simbe Brand Insights, which extends the enormous value of near real-time, shelf-level data to retailers’ vendors, brands, and manufacturers for the first time, strengthening partnerships, performance, and the retail experience for all
2.) Simbe Virtual Tour, which allows retailers to view their stores from anywhere in the world at a depth and frequency that’s never been possible before
3.) Simbe Mobile, which streamlines work for store teams by providing a prioritized list of pricing and restocking tasks in near real-time, right at their fingertips
4.) Simbe Wholesale Club Solution, the industry’s first and only shelf-intelligence platform designed specifically for wholesale club environments
The proceeds will be used to accelerate global deployments, broaden retail offerings, and pursue strategic growth opportunities. And Simbe will also expand its team, which grew by 100% in the past year with the addition of top talent at the leadership level and beyond, to propel further the future of retail and the next phase of company growth.
KEY QUOTES:
“Retail is a cornerstone of modern society, yet physical stores remain burdened by what we call the last great data desert – knowing precisely what’s happening on store shelves. In partnership with top global retailers, Simbe is building the essential system of record to power retail’s operating layer. Goldman Sachs is renowned for supporting and scaling enterprise technology and automation companies, and this new capital underscores our vision to transform retail with true in-store visibility. Simbe’s technology will power every store, improving the experience for every retailer, brand, employee and shopper.”
- Brad Bogolea, Simbe’s Co-Founder and Chief Executive Officer
“Retail automation is a rapidly growing sector, and Simbe is well-positioned to capitalize on the enormous market opportunity due to its strong track record with top global retailers, underscoring its proven impact at scale and strong capabilities. We proactively led Simbe’s $50 million round because we recognize their distinct ability to steer retail transformation and meet surging demand for AI and robotics. It’s only a matter of time until we see technology like Simbe’s in every retail store.”
- Ben Fife, Investor, Growth Equity at Goldman Sachs Alternatives
