Simbe Raises $50 Million in Series C Funding Led by Growth Equity at Goldman Sachs Alternatives
SAN FRANCISCO, Oct. 24, 2024 (GLOBE NEWSWIRE) -- 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 Simbe
Simbe'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 Alternatives
Goldman 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.
Contact
Caitlin Allen
SVP of Market
[email protected]
