Zippin Announces $12 Million Series A Financing Round Led by Evolv Ventures, the Venture Fund Backed by Kraft Heinz
December 12 2019 - 9:19AM
Business Wire
Zippin, the industry leading startup enabling cashierless
checkout for brick and mortar retail, announced the recent closing
of $12 million in Series A funding led by Evolv Ventures, the
venture fund backed by Kraft Heinz.
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Zippin cashierless checkout. (Photo:
Business Wire)
Zippin uses a combination of computer vision, AI, and sensor
fusion technology to offer consumers a completely checkout-free
shopping experience. Launched in 2015, the company is powering four
autonomous public stores and several private pilot stores globally.
Zippin most recently made headlines for its newly operational
autonomous concession stand in Golden 1 Center, home of the
Sacramento Kings.
The Series A round was led by Evolv Ventures, which is focused
on making investments in emerging and fast-growing
technology-enabled companies transforming the food and CPG
industry. Other investors in the round include SAP.iO, Scrum
Ventures, major Latin American distributor Arca Continental, and
Nomura Research Institute and NTT DOCOMO Ventures from Japan.
Existing investors Maven Ventures, Core Ventures Group, Pear
Ventures and Montage Ventures also participated in the
over-subscribed round.
The Series A funding will help Zippin accelerate new store
launches in the coming months, with plans to open new stores for
grocery and convenience chains, sports facilities, airports and
more. The Sacramento Kings’ venue also marks the launch of the
‘Zippin Cube’, a unique modular, pre-fabricated ‘store-in-a-box’
concept that allows retailers to launch a fully functional
autonomous microstore (300 – 500 sq. ft) in less than three weeks
from placing the order.
“When we launched the Zippin platform for retailers in 2018, we
removed friction from the checkout process. With the Zippin Cube,
we are aiming to remove friction from bringing that experience to
retail stores,” said Krishna Motukuri, CEO of Zippin. “We obsess
about retail operations and physical infrastructure just as much as
we obsess about AI and computer vision. That’s why we have more
operational public stores than most other startups in the
checkout-free space.”
For leading global CPG companies like Kraft Heinz, the emergence
of this new retail paradigm presents an opportunity to get closer
to the end consumer, provide a superior shopping experience, and
build a better, data-driven understanding of shopper behaviors and
preferences.
“We’re excited to join Zippin’s journey as these new formats
become critical to the transition currently underway in retail,”
said Smriti Jayaraman, Principal at Evolv Ventures. “Zippin’s
technology also offers CPG brands, which have previously been at
arm’s length from the point of sale, a unique set of opportunities
to participate in the customer journey.”
This round brings the company’s total funding to $15 million and
will allow Zippin to further invest in product innovation, grow its
technical team and expand sales and partnership efforts.
To learn more or launch a Zippin pilot, visit
www.getzippin.com.
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Media Contact: Lynne Galia Lynne.galia@kraftheinz.com
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