Dropit doubles funding in latest round

Retail optimisation platform operator Dropit has raised $25 million in its Series C funding round, bringing the total raised to $50 million.

The Dropit platform allows retailers to combine their physical and online inventory, which the company says avoids wasted and reduces the environmental impact of high carbon emissions due to last mile delivery.

The funding round was led by Vault Investments, which will also be joining the Dropit board. Other investors included Tiga Investments, Axentia and Sugarbee.

Commenting on the news Kain Cabili, chief executive and founder of Dropit said: "Some of the biggest headaches retail faces today boil down to brands keeping their in-store and online inventory separate.

"The next wave of retail will require brands to use technology to advance operational efficiency and adapt to the constantly evolving shopping habits of consumers, who have grown accustomed to the convenience provided by online shopping. By unifying online and offline inventories, brands can reduce operational costs and minimize their impact on the environment, while simultaneously speeding up shipping times."

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