Stockwell, the US-based unmanned retail technology developer formerly known as Bodega, raised $35m in October 2018 from investors including GV, a subsidiary of internet technology group Alphabet, TechCrunch reported on Wednesday.
Venture capital firm New Enterprise Associates also participated in the round, which increased the company’s overall funding to $45m, it confirmed. The transaction valued it at more than $100m according to TechCrunch.
Founded in 2016, Stockwell provides mini stores that are stocked with staple products such as food, beverages or household goods that can be bought using the company’s mobile app.
The stores can be set up in locations such as university campuses, workspaces or residential blocks, curated according to the needs or tastes of their likely customers and restocked by the company.
The company rebranded from Bodega after negative press coverage in late 2017 focusing on its name and the impression its model involved driving local bodegas and corner stores out of business.
Stockwell had already raised $2.5m in seed funding from First Round, Homebrew and Forerunner Ventures in September 2017, and added $7.5m in an early 2018 series A round that was led by DCM, it revealed this week.
The company now has about 1,000 stores across Los Angeles, Houston, Chicago and the San Francisco Bay Area, and said it is considering building out shared ownership models alongside increased customer curation and contact with new and emerging consumer brands.
