Trigo raises $100M to accelerate expansion, larger stores, and continue building StoreOS™
With great pride and excitement, I announce that Trigo has raised $100M, reaching a total of $204M raised to date. The investment was led by Singapore state investment firm Temasek (TEM.UL), and 83North. New strategic investors include SAP and existing investors joined the round, including Hetz Ventures, Red Dot Capital Partners, Vertex Ventures, Viola, and supermarket giant REWE Group, one of the world’s leading retailers.
Over the past five years, we have built a pioneering store digitalization platform that has been deployed in major cities, achieving impressive results with some of the most premium clients in the industry. Looking forward, we will dedicate the capital raised to build upon this success and focus on three core initiatives: expanding our autonomous retail platform, building increasingly larger stores, and executing a pipeline of contracted stores around the world.
Extensive global deployment of autonomous stores
To further solidify Trigo’s place as a category leader, we will emphasize in-store operations by honing and strengthening our deployment capabilities, time to deployment, and shortening the overall time to launch. We will also expand our capacity to retrofit additional stores and accelerate an extensive expansion in the EU and US. Bolstering these operational processes will enable us to further support our retailers’ ambitious goals and timelines to open multiple stores across geographies at scale and in parallel.
Build increasingly larger stores
Our vast experience opening stores with multiple retailers in tandem is driving our efforts moving forward to support increasingly larger autonomous stores. We will invest in transforming in-store business and excelling in big, urban formats, bringing frictionless checkout and digitized operations not only for on-the-go formats but also for larger and more extensive shopping formats. One of the drivers of our success has been the quality of our system with our industry-leading accuracy. Leveraging the addition of our strategic investor SAP, we will reinforce our system’s infrastructure to integrate stores with the full range of Trigo’s StoreOS™ products, giving retailers the advantage of diversifying and scaling autonomous stores across formats.
Expand our autonomous retail platform
We are doubling down on improving grocery retailers’ efficiency for in-store operations, helping them future-proof their businesses and address current challenges due to major shifts in global macroeconomics. Trigo’s technology has reached a level of maturity and development that allows us to build upon its core infrastructure and unlock new products and capabilities. We will leverage the sensing infrastructure and the computer vision-powered 3D engine we have built and invested in over the past five years. Our focus will be on the further development of our StoreOS™ system to include additional products and capabilities such as predictive inventory management, pricing optimization, security and fraud prevention, planogram compliance, and event-driven marketing.
It’s all about the team
Finally, I want to thank everyone who has been a part of the Trigo journey over the last five years. I have personally seen how our teams have embraced the challenge, putting in long nights, and showing incredible dedication and collaboration toward our shared goal. More than anything, throughout our journey, every individual has remained humble in our achievements – they are driven by their genuine commitment and belief in our mission. May we stay humble yet proud of our accomplishments, and continue to work together toward our goal of building the most advanced autonomous store technology in the world.