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Smart shopping cart maker Veeve adds $6.7 million to shopping cart to reach more grocery stores – GeekWire

Veeve co-founder and CEO Shariq Siddiqui showcases his startup’s smart shopping cart technology at the GeekWire Summit in Seattle on October 6. (GeekWire Photo/Dan DeLong)

Smart shopping cart maker Veeve has added more money to its shopping 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 analyzes items as they are placed in a basket, and keeps a count on an integrated screen, with a payment 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’s “Plug & Play” technology attaches to a traditional shopping cart. (Vévé Photo)

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 get out of the cart before the shopping is done. With this power, 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, saying it plans to start 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.