Stor.ai, a firm that provides end-to-end e-commerce solutions for grocers, announced on Tuesday that it has raised $21 million in an extended Series A round.
The company, which until December was known as Self Point, will use the funding to add new digital tools, accelerate growth in North America and enter new markets in Europe and Latin America.
Stor.ai, which provides digital services to hundreds of grocers in North America saw its business grow 250% in 2020, Orlee Tal, the company's CEO, said in the announcement.
Stor.ai is riding the transformative growth in online grocery to broaden its technology offerings and extend its business in the U.S. and abroad.
The company provides end-to-end technology solutions, including a picking tool that maps in-store fulfillment, a digital storefront for retailers and integration with micro-fulfillment providers. The new funding will fuel new digital tools that “further empower retailers to offer shoppers a holistic, customer-first experience, whether they prefer to shop in-store or online,” according to the announcement. The firm has positioned itself as an alternative to Instacart that offers retailers more control over their data and customer experience.
Stor.ai, which has offices in New York and Israel, also looks to reach more retailers abroad, including in Latin America where 10.8 million consumers used e-commerce for the first time last year, eMarketer estimated. In the U.S., where online grocery sales are projected to climb as high as $250 billion by 2025, the firm counts among its clients Key Food as well as Blain Market.
In December, Stor.ai unveiled its new name along with several new executive appointments. This included new CFO Morris Azulay; Vice President of Strategy and Innovation Irit Fridlis Weinstein, who led digital transformation efforts at Israeli retailer Shufersal; and Director of Global Sales Matthew Walker, who previously worked for micro-fulfillment firm Dematic. In January, the company rolled out a toolkit allowing retailers to accept and process online SNAP payments.
Last year’s surge in online grocery sales has helped boost funding for a wide range of online grocery companies, from service providers to startup retailers. Digital solutions firm Rosie announced $10 million in funding in February. That same month, e-grocer Imperfect Foods touted $110 million in new funding, while California-based Good Eggs announced $100 million in February.