Trigo Raises $100 Million As AI Drives Retail Innovation

▤ Summary

Existing investors joined the round, including 83North, Hetz Ventures, Red Dot Capital Partners, Vertex Ventures, and supermarket giant REWE Group, one of the worlds leading retailers and Germanys second-largest food retail chain.Trigo will use the funds to scale deployment of autonomous urban supermarkets across Europe and the U.S., enter new geographies, and develop its store and inventory management software application suite. This represents a significant competitive advantage in a rapidly growing market.The number of stores worldwide offering a frictionless checkout experience to customers using checkout-free technology increased threefold during 2021 to over 250, according to RBR. It states, however, that if pilots at big box and grocery retailers are deemed successful there will be more extensive rollouts across store networks.Trigos solutions are currently deployed with some of worlds leading grocery retailers, including Tesco PLC in the UK, ALDI Nord in The Netherlands, REWE Group in Berlin and Cologne, Netto Marken-Discount (also known as Netto) in Utrecht, Israels Shufersal (SAE), and Wakefern Food Corp., the largest retailer-owned cooperative in the U.S.The size and timing of Trigos new funding round reflects its investors confidence in its future. At $6.7 billion, total funding from mega-rounds ($100M+ deals) represented just half (51%) of retail tech dollars invested in Q2a steep decline from two thirds (69%) in the first quarter of 2022, and the lowest share in 2 years. Brick-and-mortars should aim to make the shopping experience a pleasurable lifestyle activity that goes far beyond todays uninspiring offerings, says Shay Ziv, Trigos VP of Marketing.

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$10M to $25M