Grab2GO has raised 300 thousand euros to finance its further activities, with its main target being the completion of product development activities for the first client’s pilot equipment and the preparation of the next client’s pilot equipment. The first lot of equipment, for the two different client segments, will be installed in Estonia and the next step would then be to find new pilot clients in other European countries. The company’s main product is an autonomous store technology based on artificial intelligence that is part of a comprehensive software platform for clients. Grab2GO’s innovative technology will allow for future analysis of consumer behaviour of the clients, as well as sales dynamics, at any time, allowing shops to organise sales, logistics and administration more efficiently.
The scheduled non-public funding round took place under the leadership of the joint syndicate of EstBAN angel investors, with Mait Sooaru, a Board Member of the Estonian Business Angels Network (EstBAN), as the leading investor.
According to EstBAN’s Managing Director Anu Oks, the start-up company, Grab2Go, is in its current development stage and is suitable for raising funds through a syndicate. “The investors in the EstBAN network are constantly looking for new investment opportunities, and early-stage companies, based on easily scalable technology, are proving to be of particular interest. Investing in start-ups is necessary and important for businesses while also being an attractive way for angel investors to invest. Above all, angel investors are investing their time, a wide network of contacts and knowledge, but also, of course, money. The minimum contribution for a syndicated investment is 5,000 euros, so one does not have to be a millionaire to invest in start-up companies.”
The amount collected allows the company to stay on the planned course, but a further 150,000 euros must still be found to prepare for going public, in addition to the activities mentioned above. “Our plan at the beginning of the year was to raise a larger amount of capital through Nasdaq First North, but the change in the investment market sentiment prompted us to postpone this decision. Today, we are keeping an eye on the situation and are preparing ourselves for going public, and we are very likely to apply for admission in the first half of 2023,” says Mart Viilipus, CEO of the company.
As for hardware, services will be provided by a robot, and all store processes such as internal temperature and product expiration dates will be monitored and controlled telemetrically. There are no restrictions on the product assortment. Hot coffee, cold drinks and much more can be offered. The company’s clients are companies involved in the retail trade, particularly the sale of staple goods.
Grab2GO was founded by Mart Viilipus, Reio Orasmäe, Ago Mõlder and Lauri Kiivit. Previously, Madis Müür and Jaak Roosaare, investors with experience from Pipedrive and Wise, and DTL Baltic OÜ have also invested in the company.