Simbe Raises $50 Million in Series C Funding Led by Growth Equity at Goldman Sachs Alternatives
October 24 2024 - 6:00AM
Simbe, a leading provider of Store Intelligence™ solutions,
today announced the closing of a $50 million Series C equity
financing round led by Growth Equity at Goldman Sachs Alternatives
(“Goldman Sachs”), with participation from Eclipse and Valo
Ventures and other existing investors. Since raising its Series B
in July 2023, Simbe has achieved significant momentum and
milestones such as introducing multiple capabilities and securing
numerous new and expanded partnerships across various retail
sectors. The new capital, which brings the total amount raised by
Simbe 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 introducing the world’s first advanced autonomous
item-scanning robot, Tally, Simbe has refined, expanded, and scaled
its platform to power automated shelf intelligence for the largest
number of retail banners in the world. Through industry-leading
computer vision, AI, and robotics, retailers and their vendors gain
unprecedented visibility into store and shelf conditions –
ultimately driving data-driven decisions across all channels,
stronger business performance, and enhanced store team and shopper
experiences.
This year, the company 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, Inc., 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.
"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,” said Brad Bogolea,
Simbe’s Co-Founder and Chief Executive Officer. “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.”
In 2024, Simbe introduced numerous products and capabilities,
including:
- 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;
- 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;
- 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;
- Simbe Wholesale Club Solution, the industry’s
first and only shelf-intelligence platform designed specifically
for wholesale club environments.
“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,”
said Ben Fife, Investor, Growth Equity at Goldman Sachs
Alternatives. “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.”
Proceeds will be used to accelerate global deployments, broaden
retail offerings, and pursue strategic growth opportunities. 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
further propel the future of retail and the next phase of company
growth.
For more information about Simbe and its leading retail
automation solutions, visit www.simberobotics.com.
About SimbeSimbe’s market-leading Store
Intelligence™ platform increases retailer performance with
unprecedented visibility and near real-time insights. Cutting-edge
AI and robotics power business-critical intelligence that
streamlines inventory management and store operations, while
elevating store teams and shoppers’ experiences.
Simbe’s comprehensive platform includes the world’s first
autonomous, item-scanning robot, Tally, which identifies exact
product location, stock level, and pricing & promotion
information with market-leading computer vision. Simbe works with
top worldwide brands in the US, Europe and Asia. For more
information, visit www.simberobotics.com.
About Growth Equity at Goldman Sachs
AlternativesGoldman Sachs (NYSE: GS) is one of the leading
investors in alternatives globally, with over $500 billion in
assets and more than 30 years of experience. The business invests
in the full spectrum of alternatives including private equity,
growth equity, private credit, real estate, infrastructure, hedge
funds and sustainability. Clients access these solutions through
direct strategies, customized partnerships, and open-architecture
programs. The business is driven by a focus on partnership and
shared success with its clients, seeking to deliver long-term
investment performance drawing on its global network and deep
expertise across industries and markets. The alternative
investments platform is part of Goldman Sachs Asset Management,
which delivers investment and advisory services across public and
private markets for the world’s leading institutions, financial
advisors and individuals. Goldman Sachs has over $3.1 trillion in
assets under supervision globally as of September 30, 2024. Since
2003, Growth Equity at Goldman Sachs Alternatives has invested over
$13 billion in companies led by visionary founders and CEOs. The
team focuses on investments in growth stage and technology-driven
companies spanning multiple industries, including enterprise
technology, financial technology, consumer and healthcare.
ContactCaitlin AllenSVP of
Marketpress@simberobotics.com
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