Stor.ai raises $21 million in extended series A

Tel Aviv-based Stor.ai announced on Tuesday that it has raised $21 million in an extended series A round led by Meitav Dash and Mizrahi Tefahot, with participation from existing investor Kli Capital and individual investors including Mayer Gniwisch.

Stor.ai, which was founded in 2014 as Self Point will use the capital to integrate next-generation features into its core offering, accelerate the company's growth in North America, and enter into new markets in Latin America and Europe, helping grocery stores thrive in an increasingly digitized market.

Stor.ai’s end-to-end digital commerce solution provides all grocers, from smaller local retailers to national chains with hundreds of branches, with the tools to build and manage their own catalog of inventory and leverage advanced fulfillment methods to propel online business and meet growing consumer needs.

Stor.ai's quick time-to-market empowers grocers to swiftly move online, ensuring that customers continue to have the positive experience they already associate with the brand.

The company’s new AI-based tools will complement stor.ai's existing flagship offerings, which include an eCommerce solution seamlessly integrated with grocers' POS systems, and stor.ai's Picker-App, which customizes and maps in-store grocery fulfillment. With its broadened product suite, stor.ai will further empower retailers to offer shoppers a holistic, customer-first experience, whether they prefer to shop in-store or online.

"I am delighted to see stor.ai build on the 250% year-on-year growth we achieved over the past twelve months and begin an exciting new era for the company, in which we are set to expand both our product offering and our customer base," said Orlee Tal, CEO. "Our digital transformation platform provides a win-win scenario for customers and grocers alike: shoppers replicate the in-store experience at their favorite stores, while stores can seamlessly integrate a range of digital solutions at a time when facilitating online shopping is integral to their business. Customer-first commerce is the future of this industry."

"Stor.ai has established a reputation as a market leader providing top-of-the-range technological solutions, helping retailers realign to customers' needs during the most challenging time for business in recent history," said Guy Mani, Meitav Dash's CIO for provident and pension funds.