Zippin, a provider of checkout-free technology, has announced that it has closed a $30 million Series B funding round with participation from new and existing investors including OurCrowd, Maven Ventures, Evolv Ventures and SAP. This new round brings Zippin’s total funding to more than $45 million.
The funding round will enable Zippin to scale its checkout-free platform and power tens of thousands of stores by 2025. Zippin’s customers include food service providers Aramark Corporation and Compass Group, Japan’s convenience store chain Lawson, and Brazil’s retailer Americanas, all of whom are expanding their checkout-free store footprint rapidly.
“Their technology advantage is one of the main reasons we chose Zippin. We evaluated several companies in this space and found Zippin to be the clear leader with most stores in public settings,” said Jon Medved, CEO & Founder of OurCrowd. “Many of the Zippin-powered stores in sports venues can attract up to 500 shoppers in a single hour, putting the underlying AI to the ultimate test. Zippin’s continued growth in such challenging environments is evidence of their superior technology, and also a competitive advantage, allowing their AI to train on some of the richest datasets provided by those challenging environments.”
“Zippin has seen increased demand and rapid adoption of checkout-free technology during the pandemic,” said Krishna Motukuri, Zippin’s Co-founder & CEO. “Shoppers want contactless experiences everywhere they go. As retailers realize that frictionless checkout-free technology is also contactless by design, they see a great opportunity to kill two birds with one stone. With a checkout-free platform like Zippin, retailers can offer shoppers what they are looking for today, and future-proof their business, both at the same time.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.