Digital commerce start-up stor.ai raises $21 million

Digital commerce solution provider stor.ai, formerly known as Self Point, has raised $21 million in an extended Series A round.

The round was led by Israeli institutional investors Meitav Dash and Mizrahi Tefahot and was supported by existing investor Kli Capital and individual investors such as Mayer Gniwisch.

Tel Aviv based company said it will use the capital to integrate new features into its core offering, to accelerate the company’s growth in North America, and to enter new markets in Latin America and Europe.

The move comes as digital grocery start-ups are receiving significant investment internationally, with the US-based Instacart and Czech Republic based Rohlik raising $265 million and $230 million respectively.

Stor.ai said the funding will accelerate the go-to-market of its new in-store shopping technology and that these new AI-based tools will complement stor.ai’s existing main offerings.

These offerings include an e-commerce solution which integrates with grocers’ point of sale (POS) systems, and stor.ai’s Picker-App, which customises and maps in-store grocery fulfillment.

Guy Mani, Meitav Dash’s CIO for provident and pension funds, said: “Stor.ai has established a reputation as a market leader providing top-of-the range technological solutions, helping retailers realign to customers’ needs during the most challenging time for business in recent history.”

“We are proud to support such exciting eCommerce products, as online grocery shopping continues to capture record market shares, with stor.ai ideally placed to build on its current growth and expand throughout 2021 and beyond.”

He added: “Customers’ needs and preferences are constantly evolving, and we trust stor.ai’s experience, market leadership and ability to help shape future trends with flexible and creative solutions that will enhance the entire customer-based experience for any retailer.”

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