Funding

[Funding alert] Hamburg-based Autonomo Raises €2.3 Million in Funding

Mar 14, 2024 | By Startup Rise EU

Autonomo has received a preliminary investment round of €2.3 million. Autonomo provides checkout-free software that allows businesses to transform their existing storefronts into cashierless shopping experiences. Lead by the inamo restaurant group's creators, Potter Ventures, based in London, and UK investors River Capital, based in Liverpool, through their acclaimed EIS growth fund, "fund:AI."

Autonomo has received a preliminary investment round of €2.3 million. Autonomo provides checkout-free software that allows businesses to transform their existing storefronts into cashierless shopping experiences. Lead by the inamo restaurant group's creators, Potter Ventures, based in London, and UK investors River Capital, based in Liverpool, through their acclaimed EIS growth fund, "fund:AI."

With the conclusion of this latest round, Autonomo has raised approximately £3.8 million in total. Previous investors have included members of The Edeka Group, the largest supermarket chain in Germany, as well as current and former directors of Apple, Aldi, Delivery Hero, Metro, Carrefour, and Brookstreet Equity Partners of Mayfair.

Read also - London-based Cogna Secures £3.76Million in Funding

The funding, which was raised by the tech company founded by James Sutherland and the former CEO of Metro, Patrick Müller-Sarmiento, represents a noteworthy achievement for the latter. It will be utilized to introduce Autonomo's computer-vision powered checkout solutions to the UK, as they have already shown great success in Germany in convenience, grab-and-go, and gas stations.

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At the end of this year, Autonomo hopes to have automated the most cashierless stores in Western Europe. The company launched in 2021 and has since made a name for itself in the checkout-free software market.

James Sutherland, CEO of Autonomo said, “Working with bright new investors and constantly opening stores is one way to measure success, but the other really heart-warming impact our stores have is on the local shoppers, where we fundamentally improve their lives,”

Customers are able to utilise Autonomo cashierless technology by only tapping their phone or credit card. The customer is then anonymously tracked by accurate computer vision technology placed throughout the store, which matches them to the items they select. When a customer completes their checkout, they just walk out of the store, and the Autonomo platform takes care of the payment after itemising every item.

Sutherland added said, “We believe in a world where queues, staff inefficiencies and theft are a thing of the past. With our system, we’ve seen hyper-local neighbourhood stores opening up again, stores opening 24/7 and theft drop to near zero. And because it can be scaled to accommodate various store sizes and formats and is significantly more cost-effective than some competitors, we’ve been able to make this tech accessible to both small and large-scale retailers. Combining our tried and tested tech with fresh investment, we’re excited to make a mark on the UK retail space and bring these benefits to Britain’s businesses,”

At present, Autonomo is accepting new investment. UK taxpayers may obtain tax relief under the Enterprise Investment Scheme (EIS), which is managed by HMRC and provides investors with substantial tax reliefs in exchange for helping younger, riskier enterprises acquire capital.

David Walters, Investment Director at River Capital, commented: “Fund:AI is proud to support Autonomo’s trajectory towards becoming the leading Autonomous store provider in Western Europe, utilising UK capital and AI expertise in the North of England to create new deep tech jobs, tapping into the world class data science expertise from the North West region. Our due diligence revealed a pressing need for innovation in grocery retail, where skill shortages and consumer demands for seamless shopping experiences are evident. Autonomo’s solution not only addresses these challenges, but also empowers retailers to enhance customer service and sustainability practices, making it an exciting investment opportunity for us.”

About Autonomo

Retailers may treble their revenues by using their autonomous shop software. Contrary to a typical convenience shop, customers enjoy the experience twice as much. Employers are finding it difficult to draw employees back into stores, including retailers. Stores can't provide quality customer service if they are staffing empty. Excellent customer service may be provided by stores with fewer employees thanks to Autonomo.

Read also - London-based Ada Ventures Secures €73.7 Million in Funding

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