Vital retail technology fundraising rounds you should be aware of



PayPal Ventures, the venture capital arm of the global payments giant, has made an undisclosed investment in Cymbio, a marketplace and dropship automation platform. This comes on the heels of a $20 million Series B deal headed by Corner Ventures.

“Cymbio shares our desire to help companies of all sizes grow their digital commerce operations. One of the most successful ways for brands and merchants to engage more customers and increase revenue is through multi-channel selling,” PayPal Ventures Senior Director Phil Valka states.

“We’re pleased to invest in an innovative solution that addresses clients’ data integration pain points and opens up new business prospects.” Usman Konst of bridgepayday`s loans said.


Ahead of its summer launch, London-based mobile app firm Slip has announced a £750k pre-seed investment. Tash Grossman (shown above) and Eddy Herman founded the company in 2021 to enable users to receive digital receipts via QR codes, view and control their omnichannel spending, and receive special discount offers and tailored content based on their purchasing habits.

Before the app’s formal debut, the funds will be utilized to support all aspects of product development. The money will also be used to help the company expand.


Index Ventures, the backers of Deliveroo, Dropbox, and Just Eat led a $20 million Series A fundraising round for Sourceful, a platform for sustainable sourcing. Sourceful, founded in 2020, assists brands in reducing their environmental effect by helping them find, create, and deliver items that are better for both their business and the environment. 

Coatue and Eka Ventures also attended the round.

It plans to use the Series A funding to expand into international markets, with offices in Europe, Asia, and the United States, and double the size of its 65-person team in the next two years. It will also be able to build four new product categories due to the raise, including incorporating lifecycle assessments for plastics into the platform.

Proximity Insight

Proximity Insight, a retail technology firm, has received a £5 million investment from Gresham House Ventures. Proximity Insight was formed by Salesforce professionals Kris Moyse and Matt Lacey, and is directed by Cathy McCabe, who formerly served as VP of Customer & Payments at Burberry and CIO at British fashion business Jaeger.

Using the venture’s app, retail teams may get to know each client through their profile, which displays their preferences, trends, and purchasing history. They can then leverage the solution’s capability to communicate, service, and transact with customers all from one place.

Triple Whale

Triple Whale, a Shopify analytics platform, has raised $27.7 million in an extended Series A fundraising round, the company’s first since its founding in May 2021. This includes a $24 million investment led by Elephant VC and a previously unannounced $2.7 million seed round backed by NFX, and an additional $1 million raised with individual investor Shaan Puri’s participation.

The funds will be used to grow the company’s development team and implement new features into its platform.


Kevin Johnson, an e-commerce veteran, has joined WaffarX, a cashback shopping service in the Middle East and North Africa, as its new Chairman. Johnson was previously the CEO of Ebates, a cashback and e-commerce marketplace. As an investment banker and entrepreneur, he helped launch The GulfStar Group, a boutique investment bank based in Texas.

During postings in North America, China, Japan, Thailand, and Europe, he worked with the Boston Consulting Group for six years, giving strategic and operational insight to prominent international corporations. Johnson has also made a personal investment in WaffarX, his first outside of the United States.

In December, his appointment comes after Lobby Capital, a Silicon Valley venture capital firm, sponsored a multi-million dollar fund round for the initiative. 

“I’m impressed with what the WaffarX team has accomplished in a few short years,” he says. 

They have demonstrated a thorough understanding of consumer loyalty and market dynamics in their respective markets.”

“I am delighted to join the team and look forward to assisting in the dissemination of the benefits of a world-class cash back purchasing program to MENA customers and merchants.”


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