Portugal-based retail analytics platform Movvo closed a €5.5m ($6.2m) series A round yesterday, co-led by the investment arms of financial services firm Caixa Geral de Depósitos and retail conglomerate Sonae.
Caixa Capital and Sonae IM were joined in the round by Dueto.
Movvo uses sensors in retail outlets and shopping centres to analyse footfall and consumer behaviour using wifi and cellular data.
The company plans to use the funding to expand its growth across Europe, North America and Asia, as well as continue to develop the platform itself.
The startup was funded with $2.5m seed capital in 2012, according to Crunchbase, though the claim is unsourced.
Cyrus Gilbert-Rolfe, chief executive of Movvo, said: “The continuing support from Caixa Capital, Sonae IM, and Dueto is giving us the platform for a careful but rapid global expansion.
“We now have clients in Australia, China, the US, Panama, and all across Europe. With this series A now secured, we will continue to grow both the product and the footprint, at pace.”