Israeli digital commerce solution for grocers developer Stor.ai today announced that it has raised $21 million in an extended Series A round led by Meitav Dash and Mizrahi Tefahot, and supported by existing investor Kli Capital and individual investors including Mayer Gniwisch.
Stor.ai (formerly Self Point) will use the investment to integrate next generation features into its core offering, speed up growth in North America, and enter markets in Latin America and Europe, helping grocery stores thrive in an increasingly digitized market.
Stor.ai provides all grocers, from smaller local retailers to national chains with hundreds of branches, with the tools to build and manage their own catalogue of inventory and leverage advanced fulfilment methods to advance online business and meet growing consumer needs. Stor.ai's quick time-to-market empowers grocers to swiftly move online, ensuring that customers continue to have the positive experience they already associate with the brand.
The latest funding will accelerate development of the company's AI-based tools. These will complement Stor.ai's existing flagship offerings, which include an eCommerce solution seamlessly integrated with grocers' POS systems, and Stor.ai's Picker-App, which customizes and maps in-store grocery fulfillment. With its broadened product suite, stor.ai will further empower retailers to offer shoppers a holistic, customer-first experience, whether they prefer to shop in-store or online.
Stor.ai CEO Orlee Tal said, "I am delighted to see stor.ai build on the 250% year-on-year growth we achieved over the past twelve months and begin an exciting new era for the company, in which we are set to expand both our product offering and our customer base. Our digital transformation platform provides a win-win scenario for customers and grocers alike: shoppers replicate the in-store experience at their favorite stores, while stores can seamlessly integrate a range of digital solutions at a time when facilitating online shopping is integral to their business. Customer-first commerce is the future of this industry."
Published by Globes, Israel business news - en.globes.co.il - on March 16, 2021
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