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 WHAT THIS REPORT COVERS

Any new selling format that is Tech-enabled startups delivering services across
not a traditional store. the supply chain from freight shipping and
Excludes e-commerce sites. warehousing to inventory management and last-
mile delivery.

Companies that sell tangible

goods online as well as the
Tech-enabled startups offering
technologies that enable online
immediate delivery of goods and
sales. Excludes services and NEW SUPPLY
services.
food & grocery. RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND Direct-to-consumer food
companies, as well as startups
Tech-enabled startups that offering on-demand or
ONLINE
directly impact physical retail. subscription meal and grocery
IN-STORE GROCERY
delivery.
RETAIL TECH & MEAL
DELIVERY

AI in Retail
and CPG

4
Contents
6 Summary Of Findings: Retail Tech 15 2019 Retail Tech Investment
In 2019 Highlights
In-Store Retail Tech
8 Looking Ahead: 2020 Predictions E-Commerce
New Retail Formats
10 2019 Retail Tech Investment Supply Chain & Logistics Tech
Trends
On-Demand
Annual Deals & Dollars
Online Grocery and Meal Delivery
Deal Stage Trends
Spotlight: AI in Retail and CPG
Global Trends
2019 Retail Tech Unicorns 50 Appendix
Methodology

5
Summary Of Findings: Retail Tech In 2019
While financing slowed overall, key drivers of long-term efficiency and growth are gaining traction.

Funding to retail tech companies slowed in 2019. Financing decreased by 31% to $45.2B while deals were down by 5% compared to 2018, this dip
is largely due to a slide in funding to e-commerce platforms and enabling technologies. Conversely, funding increased to companies driving
physical retail productivity, improving supply chain efficiency, and using tech to make retail more personalized.

Retail tech deals shifted toward later stages. Funding is gradually moving beyond early stage deals and toward growth, driven by maturing e-
commerce platforms. Seed deal share in 2019 was flat compared to 2018 (35%), but the share of mid-stage (Series B-C) deals in retail tech has
grown from 14% of deals in 2015 to over 17% in 2019. Late-stage deals (Series D+) have gone from just over 4.5% of deals in 2015 to 6.5% of deals
in 2019.

Companies in Asian countries are winning more deals. North America’s share of deals has shrunk over time (from 44% in 2015 to 35% in 2019) as
digital retail grows in developing markets, particularly India, where e-commerce is growing into second-tier markets, and China, which is pioneering
many forms of retail innovation.

Among the unicorns born in 2019, 31 were retail tech companies. Only one (KK Group) formally has brick-and-mortar locations. But others reach
across online and offline retail channels, whether via shopper marketing (Ibotta), autonomous delivery (Nuro), or inventory tracking & store analytics
(Trax).

Source: CB Insights 6
Summary Of Findings: Retail Tech In 2019
Funding is flowing to companies elevating the store experience and driving precision.
In-store retail technology investment grew significantly in 2019. Even though in-store tech deals declined by 21% in 2019 compared to the previous year,
dollars invested increased by nearly 60% to $3.7B, with a median deal size of $7M. As stores close across retail channels, surviving retailers are recognizing
the need to invest in tech that promises to improve productivity and profitability. Autonomous & unmanned checkout was a notable investment focus in 2019.
Funding to e-commerce companies and related technologies declined in 2019. Deals to e-commerce companies last year were down by 7% compared to 2018
and dollars invested declined 8% to $19.7B as the boom in direct-to-consumer online businesses slowed.
Deals to new retail formats also slowed in 2019. While the number of deals going to new retail formats saw an annual decline of 46% last year, dollars
invested only slipped by 6% to $538M. Brands and retailers continue to experiment with new ways to reach consumers, who are growing accustomed to more
omnipresent commerce.
Funding to supply chain & logistics tech continued to rise. Investment in supply chain and logistics tech increased in 2019 by 14%, compared to the year prior,
to reach $15.7B. The number of deals over the same period also rose by about 14%. Consumer demand for speed coupled with retailers’ desire for profitability
are driving continued advances in reverse logistics, inventory management, and unmanned delivery.
Deals to on-demand businesses slipped slightly. Funding to on-demand retail tech companies declined by 27% last year, compared to 2018, to $13.6B ̶
though total deals only decreased by 9%. Activity clustered among established players and smaller entrants specializing in serving narrow customer bases.
Online grocery and broader food delivery deals declined. Following a spike in funding in 2018, last year’s funding to online grocery and meal delivery
companies declined 21% to $6.2B. Deals also fell by 21% compared to the previous year. The D2C consumables landscape, including food and meal delivery,
remains crowded.
Funding for artificial intelligence (AI) companies working across retail tech functions accelerated in 2019. AI retail tech deals increased at an annual rate of
13% as funding grew by 65% to reach a year-end total of $1.5B. AI is driving personalization for consumers in stores as well as online. Meanwhile, retailers are
turning to machine learning and computer vision to help boost efficiency.

Source: CB Insights 7
Looking Ahead: 2020 Predictions
Considerations for retail tech in 2020.

1. Smarter stores: Computer vision and AI will fuel better shopper and inventory tracking, as well as enabling
more cashier-less checkouts. The power for retailers and brands to process consumer insights will be
crucial and boosting supply chain speed will become a priority.
2. Blue light specials 2.0: Look for more electronic shelf tags and mobile shopper analytics to get the right
deals to the right shoppers, driving loyalty and profitability. This trend will require a deeper understanding
among brands and retailers of how price changes impact basket sales.
3. Just for you: AI will enable more personalized product recommendations, while brands will develop on-
demand manufacturing. Some retailers and brands will “know” consumers via facial recognition. As a result,
consumers will expect even more relevant experiences.
4. Level-up shopping: Retailers will deploy augmented and virtual reality across platforms to enable try-on,
product interaction, and customer service. Watch for retailers to hire e-game developers to get their content
up to speed.
5. Retail everywhere: Car commerce, smart vending, and online-to-offline (O2O) pop-ups will multiply. It will
become crucial for retailers to expand their understanding of the customer journey to purchase.
Source: CB Insights 8
Looking Ahead: 2020 Predictions
Considerations for retail tech in 2020.

6. Hyper-niche marketplaces: Marketplaces with more narrow missions will tailor experiences and
assortments, with the aim of boosting productivity and profitability. In the move away from “mass,” brands
will need to establish where their products fit.
7. Rise of the robots, part 1: Automation and robots will speed up fulfillment in the store back room and boost
efficiency on the floor. Retailers and manufacturers will need to carefully align supply chain timing with
profitability goals and technology requirements.
8. Rise of the robots, part 2: Outside the store, expect more robotic last-mile fulfillment tests in urban areas.
Brands and retailers should seek to understand how fulfillment modes fit different trip types.
9. Return to sender: More stores will function as return depots, and startups will promise that they can reduce
returns. Manufacturers and retailers must work to better educate shoppers to make returns less likely. It
will also be crucial to build more efficient reverse supply chains.
10. Special deliveries: D2C food will remain competitive as companies in the space, as well as meal delivery
services, narrow their audiences.

Source: CB Insights 9
2019 Retail Tech
Investment
Trends
#AhaCBI
 RETAIL FUNDING SLIDES IN 2019

Deal count and dollars dip in 2019

Annual global retail tech deals and financing ($M)

70000
2,471 2,500

60000 2,410 2,450

50000
2,346 2,400

2,350

40000
2,260 2,300

30000 2,212 2,250

2,200
20000
2,150
10000
2,100
$46,509 $40,437 $50,196 $65,822 $45,245
0 2,050

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 11
DEALS FOCUS ON GROWTH

Funding shifts toward later-stage deals

Share of annual global retail tech deals by funding stage

17% 19% 20% Other

22% 22%
Series E+
5% 4% Series D
5% 6% Series C
9% 9% 7%
11%
12% 11% Series B
19% 17%
17%
20% 21% Series A

45% 47% 42% Seed/Angel

35% 35%

2015 2016 2017 2018 2019

12
Asia’s retail tech deal share pulls ahead of North
America
Share of annual global retail tech deals by region
4% 5% 6% 5% 8% Other

44% 43% 36% 37% 35% North America

24% 20% 21% Europe

18% 21%

34% 31% 33% 37% 36% Asia

2015 2016 2017 2018 2019

Other category includes Africa, Australia, Middle East, and South America.
Source: CB Insights 13
31 retail tech unicorns were born in 2019

Unicorns pictured are part of the retail tech Collections outlined in the appendix of this report.
Expert Intelligence clients can see a broader view of consumer unicorns in this report. See all 14
the current unicorns on CB Insights’ comprehensive unicorn tracker.
2019 Retail Tech
Investment
Highlights
#AhaCBI
 STATE OF RETAIL TECH:
AHEAD IN 2020

Highlights companies funded in 2019 that represent significant retail trends.

Tech-enabled startups delivering services across

Any new selling format that is the supply chain from freight shipping and
not a traditional store. warehousing to inventory management and last-
Excludes e-commerce sites. mile delivery.

Companies that sell tangible

goods online as well as the Tech-enabled startups offering
technologies that enable online immediate delivery of goods and
sales. Excludes services and NEW SUPPLY services.
food & grocery. RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND
Direct-to-consumer food
companies, as well as startups
Tech-enabled startups that ONLINE offering on-demand or
directly impact physical retail. GROCERY subscription meal and grocery
IN-STORE delivery.
& MEAL
RETAIL TECH
DELIVERY

AI in Retail
and CPG

16
 IN-STORE RETAIL TECH

NEW SUPPLY
RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND

ONLINE
IN-STORE GROCERY
RETAIL TECH & MEAL
DELIVERY

17
Dollars to in-store retail tech reaches $3.7B
Annual in-store retail tech company deals and financing ($M), 2015-2019

$4,000 $350

$3,500
293
260 267 $300

$3,000
205 211 $250
$2,500
$200
$2,000
$150
$1,500
$100
$1,000

$500 $50
$1,248 $1,344 $2,071 $2,326 $3,713
$- $0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 18
HIGHLIGHT #1: THE AMAZON GO EFFECT

Autonomous checkout picks up speed

AiFi Grabango Zippin

Total disclosed funding: $15M Total disclosed funding: $12M Total disclosed funding: $15M
2019 funding stages: Series A 2019 funding stage: Series A 2019 funding stage: Series A
Deployment: Ahold Delhaize’s HQ Deployment: Pilot at Giant Eagle Deployment: Checkout-free stores in San
“NanoStore,” Amsterdam’s Schiphol Airport, supermarket Francisco and at Golden 1 Center (the
autonomous convenience stores in Sacramento Kings’ arena)
Campbell, CA, and Shanghai
Source: CB Insights 19
HIGHLIGHT #2: INVENTORY MANAGEMENT

New solutions for in-store inventory management

Pensa Systems RELEX Solutions

Total disclosed funding: $17M Total disclosed funding: $224M
2019 funding stage: Seed 2019 funding stage: Growth Equity
Pensa developed an indoor flying drone that uses Relex offers AI-powered inventory planning software to
cameras to provide live inventory visibility for brands and retailers that aims to minimize inventory and help optimize
retailers. sales.

Source: CB Insights 20
H I G H L I G H T # 3 : S T O R E A N A LY T I C S

Store productivity measurement gets more precise

Total disclosed funding: $373M Total disclosed funding: $36M

2019 funding stage: Series D 2019 funding stage: Series B

Trax uses computer vision to offer a broad range of services SKUPOS’ analytics platform caters specifically to the growing
to help retailers run their stores (including store execution convenience store channel. The company partners with stores,
monitoring and inventory tracking). In 2019, along with distributors, and brands to provide real-time sales analytics, demand
hitting unicorn status, Trax acquired Planorama, a France- forecasts, and consumer insights for personalized promotions.
based image recognition company focused on retail.

Source: CB Insights 21
 E-COMMERCE

NEW SUPPLY
RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND

ONLINE
IN-STORE GROCERY
RETAIL TECH & MEAL
DELIVERY

22
 E-commerce funding levels off in 2019
Annual e-commerce company deals and financing ($M), 2015-2019

$25,000
1,244 1,286 1,198
$1,400
1,171
$20,000
1,056 $1,200

$1,000

$15,000
$800

$600
$10,000

$400
$5,000
$200
$18,325 $11,117 $21,635 $21,469 $19,684
$- $0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 23
HIGHLIGHT #1: RESALE

StockX capitalizes on specialized assortment, social selling

Total disclosed funding: $160M

2019 funding stage: Series C
Detroit’s StockX was one of two high-end sneaker resale
marketplaces that hit unicorn status in 2019; the other
was Poizon, based in Shanghai. Resale marketplaces
continue to expand and evolve as consumers look for
unique products as well as more sustainable retail
options.

Source: CB Insights 24
HIGHLIGHT #2: LIVESTREAM COMMERCE

Livestream commerce goes global

Total disclosed funding: Total disclosed funding: $19M

$20M
2019 funding stage: Series B
2019 funding stage: Series A
Dote targets young shoppers with
ShopShops connects its assortment of apparel, beauty,
shoppers in China with brands and personal care. It features live
and retailers in the US. It video “shopping parties” where
hosts livestream visits to influencers stream their shopping
stores that viewers can then trips, allowing other customers to
shop directly on their phones. comment and ask questions
The service capitalizes on the along the way.
expansion of livestream
shopping in China and its
potential in Western
countries.

Source: CB Insights 25
HIGHLIGHT #3: CROSS-BORDER E-COMMERCE ENABLEMENT

Payment companies streamline global e-commerce

expansion

Total disclosed funding: $175M Total disclosed funding: $30M

2019 funding stages: Series B, Series C 2019 funding stage: N/A
London-based Rapyd is a “fintech-as-a-service” platform that Ebanx, based in Brazil, caters to businesses looking to expand
e-commerce companies can use to consolidate their global across Latin America. Its services include access to payment
payment systems and accept local payment methods. methods, payment processing, fraud tolerance, and more.
Demand for such services will likely increase as e-commerce Ebanx also reached unicorn status in 2019.
reaches more consumers across borders. Rapyd became a
unicorn in 2019.

Source: CB Insights 26
 HIGHLIGHT #4: AI IN RETAIL

AI could make marketplaces smarter

Total disclosed funding: $266M Total disclosed funding: $30M

2019 funding stage: Series D 2019 funding stage: Series A
The Yes’ has revealed few details about its new retail platform, except
Faire is a wholesale marketplace that caters to small retailers by offering
that it will use AI to deliver product recommendations. Julie Bornstein,
distinctive products and terms that reduce the risk of trying something new
former COO at Stitch Fix and previously an exec at Sephora, Urban
(e.g. free returns of unsold inventory). The company uses AI to help
Outfitters, and Nordstrom, founded the site with Amit Aggarwal, an
forecast inventory efficiently. The platform focuses on eco-friendly and
engineer formerly of Bloomreach and Groupon. The platform is set to
handmade products, as well as products made in the US. Faire reached
launch in the first half of 2020.
unicorn status in 2019.
Source: CB Insights 27
HIGHLIGHT #5: CUSTOMIZED REPLENISHMENT

Subscription services move beyond recommendations to

one-on-one connection

Total disclosed funding: $49M Total disclosed funding: N/A

2019 funding stage: Series B Funding stage: N/A
Farmer’s Dog sells human-grade dog food by subscription. Owners Atolla uses a home skin test kit and AI to formulate personalized
build a profile for their dogs that is used to create a meal plan skin serums for customers. Users get a new skin analysis kit every
with personalized contents and portions. month to track their skin’s changes.

Source: CB Insights 28
 NEW RETAIL FORMATS

NEW SUPPLY
RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND

ONLINE
IN-STORE GROCERY
RETAIL TECH & MEAL
DELIVERY

29
Investment in new retail formats slows
Annual new retail formats company deals and financing ($M), 2015-2019

$800 109 112 $120

$700
$100
$600
$80
$500 61
$400 $60

$300
29 $40
$200 19
$20
$100
$153 $204 $681 $573 $538
$- $0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 30
H I G H L I G HT # 1 : E N G A G I N G R E TA I L E X P E R I E N C E S

New physical showcases for brands and discovery

Total disclosed funding: $90M Total disclosed funding: $9M

2019 funding stages: Series B, Incubator/Accelerator, Series C 2019 funding stage: Seed
B8ta uses its “retail-as-a-service” platform to showcase brands Showfields’ brick-and-mortar store offers space to online, direct-
and new technologies in physical retail. The company has 24 of its to-consumer brands. Its physical presence includes “House of
own stores as well as a lifestyle store called Forum. It also runs Showfields,” an “immersive theater experience” to promote retail
the reincarnated, interactive Toys R Us stores, has a store-within-a- and various brands.
store partnership with Macy’s, and launched a new platform called
Ark Marketplace that retailers can use to operate their own retail-
as-a-service platforms in their stores.
Source: CB Insights 31
HIGHLIGHT #2: O2O COMMERCE

KK Group aligns its assortment with shoppers’ preferences

Total disclosed funding: $173M

2019 funding stage: Series D
KK Group, an O2O (online-to-offline) retailer based in
Guangdong, China, reached unicorn status in 2019. The
retailer offers a variety of products imported from
around the world and regularly changes its assortment
based on demand.

Source: CB Insights 32
HIGHLIGHT #3: MOBILE POINTS OF SALE

Cargo sets the stage for in-transit vending

Total disclosed funding: $37M

2019 funding stage: N/A
Using the Cargo Box, ride-hailing drivers can sell a
convenience store-style assortment of goods to
passengers while they ride. Cargo offers brands the
opportunity for sampling and to gain consumer insights.

Source: CB Insights 33
 S U P P LY C H A I N & LO G I S T I C S T E C H

NEW SUPPLY
RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND

ONLINE
IN-STORE RETAIL GROCERY
TECH & MEAL
DELIVERY

34
Funding takes off in fulfillment innovation
Annual supply chain and logistics tech company deals and financing ($M), 2015-2019

$18,000 640 $700

$16,000 559 $600

$14,000
475
$12,000 427 $500

382
$10,000 $400

$8,000 $300
$6,000
$200
$4,000
$100
$2,000
$3,443 $9,250 $4,800 $13,703 $15,682
$- $0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 35
HIGHLIGHT #1: MICRO-FULFILLMENT

Takeoff brings robot fulfillment to the store

Total disclosed funding: $64M

2019 funding stages: Series B, Series C
Takeoff Technologies creates tech-driven micro-fulfillment
centers that partner with retailers to help fulfill online
grocery orders quickly. Takeoff has partnered with retailers
including Alhold Dehaize and Albertsons.
By squeezing warehouses into dense urban areas and
cutting down the distance to customers, retailers can
reduce the cost of last-mile delivery.
Takeoff is one of several startups, including Fabric and
Attabotics, that are offering micro-fulfillment technology
that could be placed inside existing stores.
Source: CB Insights 36
HIGHLIGHT #2: AUTONOMOUS DELIVERY

Autonomous delivery startups gain investor traction

Nuro Neolix Manna

Total disclosed funding: $1B Total disclosed funding: $15M Total disclosed funding: $5M
2019 funding stage: Series B 2019 funding stage: Series A 2019 funding stage: Seed
The startup develops autonomous Neolix provides autonomous The company operates a drone
delivery carts that transport goods mobile vending machines where delivery service that it plans to
like groceries. It has partnered customers can purchase items via launch in Europe in 2020. It is
with Kroger and Walmart. mobile phone. It deployed vehicles partnering with restaurant-ordering
in China and partnered with UAE- platform Flipdish.
Source: CB Insights based online retailer Noon. 37
 ON-DEMAND

NEW SUPPLY
RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND

ONLINE
IN-STORE RETAIL GROCERY
TECH & MEAL
DELIVERY

38
 On-demand funding slows
Annual on-demand company deals and financing ($M), 2015-2019

$25,000 600

494
500
$20,000 434
386
354 400
$15,000 323
300

$10,000
200

$5,000
100

$23,455 $16,063 $22,440 $18,698 $13,580

$- 0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 39
HIGHLIGHT #1: ON-DEMAND RIDE-HAILING

Large on-demand ride-hailing platforms raise mega-rounds

In addition to the IPOs of Uber and Lyft, major international ride-hailing apps raised billions in funding.

Headquarters: Singapore Headquarters: Indonesia Headquarters: China

Largest disclosed round of 2019: Largest disclosed round of 2019: Largest disclosed round of 2019:
Series H // $1.5B // Q1’19 Series F // $1B // Q1’19 Corporate Minority // $600M // Q3’19
Select Investor: SoftBank Group Select Investor: Tencent Holdings Select Investor: Toyota

Source: CB Insights 40
H I G H L I G H T # 2 : O N - D E M A N D S P E C I A LT Y S E R V I C E S

Global on-demand specialty services win early-stage deals

Emerging on-demand players are exploring categories such as waste collection, pet care, and women-only ride-hailing.
These startups are gaining investor traction across Europe, Africa, and South America.

Headquarters: Brazil Headquarters: Egypt Headquarters: France

Service: Women-only ride-hailing Service: Petcare at home Service: On-demand waste collection
Latest round: Angel // $0.6M // Q4’19 Latest round: Seed // Q4’19 Latest round: Seed // $2M // Q4’19

Source: CB Insights 41
 GROCERY & MEAL DELIVERY

NEW SUPPLY
RETAIL CHAIN &
FORMATS LOGISTICS
E-COMMERCE TECH ON-DEMAND

ONLINE
IN-STORE GROCERY
RETAIL TECH & MEAL
DELIVERY

42
Online food investment declines
Annual online grocery and meal delivery company deals and financing ($M), 2015-2019

$9,000
314 $350

$8,000 291
264 $300
$7,000 241 $250
$6,000
190
$5,000 $200

$4,000 $150

$3,000
$100
$2,000
$50
$1,000
$6,225 $3,104 $5,415 $7,868 $6,239
$- $0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 43
HIGHLIGHT #1: VIRTUAL KITCHENS

Virtual kitchens take hold

Total disclosed funding: $1.5B

2019 funding stage: Series G
UK-based Deliveroo manages 2,000 online-only restaurant brands from 1,200 restaurant partners through its network of delivery-only
kitchens, dubbed “Deliveroo Editions.” While the food-delivery giant has been experimenting with “virtual kitchens” since 2017, other
players have also jumped on board. These include Uber Eats, Grab, Virtual Kitchen Co, and more.
Source: CB Insights 44
 H I G H L I G HT # 2 : TA I LO R E D F O O D D E L I V E RY

Food delivery makes a variety of diets more accessible

Total disclosed funding: $45M Total disclosed funding: $94M

2019 funding stages: Angel, Series B 2019 funding stage: Series E
Denmark-based Simple Feast offers subscription-based vegetarian and Licious is expanding access to fresh protein in India by offering an end-to-end,
vegan meals. The organic meals are delivered semi-cooked and are intended direct-to-consumer meat and seafood delivery platform. Selling products like
to need around 10 minutes of at-home preparation. chicken, fish, lamb, and goat, the startup focuses on procuring quality meat.
Simple Feast ships its meals in packaging without plastic or Styrofoam. Licious owns its entire supply chain, allowing the startup to better control
Investors include Balderton Capital, 14W, and byFounders, among others. variables like the temperature of its products during processing and shipping.
Simple Feast is representative of a larger shift toward sustainability taking
place across food, grocery, and delivery.

Source: CB Insights 45
Spotlight: Artificial Intelligence In Retail & CPG
Key functions among companies that
use AI across retail and CPG include:
• Merchandising
• Inventory management
• Checkout-free store tech
• Point-of-sale shrinkage monitoring
• Omnichannel marketing
• Retail supply chain optimization
• E-commerce search

Source: CB Insights 46
Funding for retail and CPG AI accelerates
Annual retail and CPG AI company deals and financing ($M), 2015-2019

$1,800 160 $180

$1,600
142 $160

$1,400
133 $140

$1,200 $120
96
$1,000 $100

$800 67 $80

$600 $60

$400 $40

$200 $20
$764 $453 $525 $934 $1,543
$- $0

2015 2016 2017 2018 2019

# of deals

Source: CB Insights 47
 HIGHLIGHT #1: PERSONALIZED MARKETING

Personalizing pricing to tailor the experience & drive profits

Total disclosed funding:

$16M
2019 funding stage: Seed
Swiftly offers supermarkets
an app that uses machine
learning to create
personalized deals and Total disclosed funding: $63M
coupons for shoppers. The
2019 funding stage: Series C
app, which bills itself as an
“operating system for grocery Punchh is a marketing and loyalty company that uses AI to target
stores,” also offers mobile key customers with rewards to help elevate online and in-store
checkout capabilities that conversion.
integrate AI and computer
vision to monitor shrink*.
*“Shrink” refers to shoplifting, other forms of theft, or other inventory losses in-store.

Source: CB Insights 48
HIGHLIGHT #2: IMAGE RECOGNITION

Image recognition graduates from recommendations to

forecasts

Total disclosed funding: $6M

2019 funding stages: Incubator/Accelerator, Seed, Series A
Heuritech, based in Paris, uses image recognition technology to
track fashion trends on social media. Brands can then use the
data to forecast their assortments.

49
Appendix
#AhaCBI
Methodology
CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in this
report. If you have any questions about the definitions or methodological principles used, we encourage you to reach out to CB Insights
directly. Additionally, if you feel your firm has been under-represented, please send an email to [email protected] and we can work
together to ensure your firm’s investment data is up to date.
What is included: What is excluded:
―Financing, equity deals only, for startup and other private tech- —Many startups and other private tech-enabled companies for which
enabled retail- and consumer-oriented companies as prescribed retail and consumer businesses are not the primary focus. This
by the 7 categories (Collections) highlighted in this report. ranges from marketing companies to certain forms of e-commerce
―Along with B2C companies, the Collections include B2B retailers enablement (e.g., payments).
and providers. The On-Demand Collection also includes service
providers.
―Categories are not mutually exclusive (for example, a smart
vending machine company is included in both the In-Store Retail
Tech and New Retail Formats Collections). Criteria for categories
can be found on pages 4 and 16.
―Historical funding data is subject to change as our technology &
data operations explore data sets globally and refine company
classifications.

Source: CB Insights 51
GET ALL THE DATA USED IN THIS REPORT

Supply Chain & Logistics

E-Commerce Collection
Tech Collection

In-Store Retail Tech

On-Demand Collection
Collection

New Retail Formats Food Delivery

Collection (Grocery & Meals)*

Artificial Intelligence
Collection**
*This collection excludes direct-to-consumer food companies. 52
**This collection is a broader AI collection that includes AI for retail and CPG.
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