Smart Cart Creator Veeve added more money to their cart.
The Seattle-based startup has raised $6.7 million in new funding as the company seeks to push its retail innovations into more physical grocery stores.
Founded in 2018 by two former Amazon executives, Veeve is part of a wave of tech companies striving to reinvent the way shoppers find, weigh, scan and pay for their own items, disrupting traditional checkout routines. . Veeve’s technology detects and scans items as they are placed in a basket, and maintains a running count on an integrated screen, with a checkout system that allows shoppers to avoid queues at checkout, without using a separate app.
While the company’s first product was a complete shopping cart, it now offers a “Plug & Play” device that can turn ordinary shopping carts into smart carts. Veeve also plans to roll out a new version of its initial product that is lighter and can hold 50% more items. The new cart can run 18 hours a day with a replaceable battery and has a weatherproof design.
Veeve in May announced a deal to put its complete smart carts in select Albertsons stores in the United States. Veeve smart carts are currently deployed in four retail chains in six US states, with multiple stores in each chain, averaging around 10 to 15 carts per store, according to co-founder and CEO Shariq Siddiqui.
“This new funding will allow us to continue our rapid growth by accelerating our product roadmap and expanding globally,” Siddiqui said Thursday in an email to GeekWire.
Last week, he was on stage with his cart at the GeekWire summit in Seattle as part of the Inventions We Love session.
“Retailers need to understand how customers interact, not just online,” Siddiqui said at the summit. “But we have absolutely no idea how customers engage, what items come out of the cart before the shopping is done. Thanks to this, retailers have a lot more to do with customers.”
Veeve competes with Amazon, which announced a new version of its Amazon Dash smart shopping cart in July, stating that it plans to begin rolling out the Dash 2 to Whole Foods Market stores.
Veeve’s new investment round was co-led by Foothill Ventures and Creative Ventures, with participation from XRC Labs and Food Retail Ventures, as well as current Veeve investor Flying Fish Partners.
The 15-person company has raised approximately $9 million in funding.