Stor.ai (formerly Self Point), an Israeli startup developing end-to-end eCommerce solutions for grocers, extended its Series A round with an additional $21 million. The investment was led by Meitav Dash and Mizrahi Tefahot, with participation from existing investor Kli Capital and angel investors.
"Win-win scenario for customers and grocers"
During a year that saw groceries become a key focus for every household due to the global pandemic, grocers had to adjust quickly to a rise in demand while complying with COVID safety regulations. This meant that markets of all sizes needed to create a strong digital footprint to meet increasing eCommerce demand. However, after years of cementing their brick-and-mortar supermarkets as community centers, once shifted to the eCommerce arena consumers went with user experience and availability, forcing grocers to scramble to retain brand loyalty.
Founded in 2014, Stor.ai claims that current eCommerce solutions are not yet viable for long-term profitability, and add risk of further bleeding customer loyalty. The company’s platform leverages AI technologies to develop digital commerce channels for grocers both big and small. The company offers retailers tools to build and manage their own catalog of inventory and leverage advanced fulfillment methods to propel online business and meet growing consumer needs. By customizing the eCommerce shopping experience for customers, stor.ai’s platform helps generate brand engagement, leading to a rise in brand loyalty.
"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,” said Orlee Tal, CEO, stor.ai.
These new AI-based tools 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.
"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," Tal adds. The company will use the funds to accelerate the go-to-market of new, next-gen in-store shopping technology. In addition, the raised money will help Stor.ai expand in North America and enter new markets in Latin America and Europe.