US-based checkout-free shopping technology developer Grabango has raised $12m in a series A round led by Propel Venture Partners, the venture capital firm funded by financial services firm BBVA.
The round also included participation from venture capital firms Ridge Ventures, Abstract Ventures, Commerce Ventures and Founders Fund.
Founded in 2016, Grabango provides technology that enables a retail store to keep a running total of the items a shopper picks instore, automatically billing them when they leave so there is no need to use a checkout.
The proceeds from the series A round will be used to expand the company’s product development team and extend its technology to more convenience stores. Ryan Gilbert, a general partner at Propel, is joining Grabango’s board of directors.
Gilbert said: “Grabango hits the target for brick and mortar retailers aiming to deliver a smoother shopper experience and a better bottom line.
“We have looked at all the checkout-free technology providers and Grabango is the only true enterprise scale provider in the market today.”
The company has not disclosed any earlier rounds but said the series A investment took its total funding to $18m. Comet Labs and Vela Partners have both made undisclosed investments in the business, according to the portfolio pages on their respective websites.
Image courtesy of Grabango Co.