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Invenda raises $19m to support cloud-based PoS
- April 3, 2023
- Steve Rogerson
Swiss automated retail company Invenda has raised $19m in a series B financing round to support cloud-based options for self-service point-of-sale (PoS) devices, as well as expansion in the USA.
Founded in 2017, Invenda’s proprietary operating system, InvendaOS, leverages IoT, cloud technology and AI to increase RoI for the automated retail industry, which encompasses vending machines, smart fridges and micro market kiosks.
The company wants to accelerate this fast-growing $18bn industry by leveraging these machines to tap into the $41bn digital-out-of-home (DooH) advertising industry. Its software – Invenda Cloud, InvendaOS and Invenda Wallet – lay the foundation for the internet of retail (IoR), automated retail where software and hardware connect to drive curated, measurable customer experiences in the real world.
“Self-service PoS devices are the retail industry’s sleeping giant and we’ve figured out how to wake them up,” said Jon Brezinski, Invenda CEO. “Our end-to-end, digital solutions transform an underutilised, undervalued sales outlet into a channel with outsized RoI and advertising potential, while opening the door to immense opportunities for really engaging, fun consumer experiences. This new investment will help us continue our mission to push the boundaries of automated retail and advance its value for operators, brands and their customers.”
Invenda powers thousands of self-service PoS devices globally, touting partnerships with FMCG titans such Mars Wrigley and operators such as Selecta. The platforms help machine manufacturers, consumer brands and operators reach markets, capture customer insights, lower operating costs and increase revenue. This is achieved through a combination of upselling, dynamic pricing, product animations and targeted advertising.
Invenda Cloud is a fleet management platform built to oversee, maintain and upgrade automated retail networks from a central, digital location. InvendaOS is a proprietary operating system for self-service PoS devices that brings the benefits of online shopping – such as data collection, personalisation and targeted advertising – to the real world for brands, operators and consumers. Invenda Wallet is a download-free web app that enables mobile shopping, gamification, gifting, scratch-and-win, and loyalty schemes, as well as remote account access for consumers.
The cloud-based ecosystem creates customisable ways to engage consumers through DooH advertising. The capabilities close the divide between self-service interactions and high-value programmatic advertising, allowing operators to increase passive revenue and collect customer data.
The funding round was led by Point Break Capital Management, with participation from existing investor Mutschler Ventures.
“We were impressed by the deep expertise and the commitment of the Invenda team,” said Alex Perez, partner at Point Break Capital Management. “They have already shown that they have a highly effective business model. We firmly believe they are ready for even larger-scale success.”
Sylvie Mutschler of Mutschler Ventures added: “In today’s world, data are everything. Invenda deepens and broadens the data pool for automated retail, not only increasing revenue and enhancing user experience, but also ensuring organisations aren’t letting valuable insights disappear. Invenda has already proven the value its platform can deliver with major players in Europe, and we’re happy Mutschler-Ventures is able to be part of Invenda’s journey to scale this technology globally for a new era of automated retail.”
The investment comes on the back of significant growth for Invenda, which doubled its annual revenue in 2022, and brings the company’s total funding to more than $30m. Since 2017, Invenda has scaled to over 100 employees and offices in six countries.