Funding

[Funding alert] Warsaw-based ZeroQs Secures €457k in Funding

Jan 30, 2024 | By Startup Rise EU

Warsaw-based ZeroQs secures €457k in funding. The money raised as a follow-on investment from Freya Capital will be put toward further developing smart shopping cart technologies.

Warsaw-based ZeroQs secures €457k in funding. The money raised as a follow-on investment from Freya Capital will be put toward further developing smart shopping cart technologies.

Entities like Społem and Centrum Retail are already using ZeroQs' system, which promises to enhance consumer shopping experiences and eliminate shopping waits.

Read also - Limburg-based Foodtech Company Verdify Raises €2.4Million in Funding

With the goal of revolutionizing consumer shopping experiences, ZeroQs has created and introduced intelligent shopping carts to the market. Customers can avoid waiting in line at stores thanks to their solution, which also helps retail chains enhance customer satisfaction and more effectively manage security and inventory.

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ZeroQs CEO, Jarosław Kaczmarczyk said, “The past year has been extremely intensive for us. After a period of research and development and cooperation with partners such as EY and Microsoft, we moved to the commercialization phase. The introduction of our ZeroQS smart carts to the first stores was a significant milestone. The newly raised capital will enable us to continue working on the technology, intensify our presence in the country and prepare for expansion into neighboring markets. Our priority for the coming year is to consistently continue the commercialization of our solution. We plan full-scale implementations in retail chains both in Poland and abroad,”.

Retail networks may do a number of additional things with access to consumer activity data, such as personalizing the purchasing process and enhancing the shopping experience even further.

Adding a name or alias to advertising communications is no longer the extent of personalizing services. These days, it's a comprehensive process that involves data analysis, target group segmentation, personalized content development, and offer customization to meet the particular requirements of every client.

Read also -  Netherlands-based Tidal Control Secures €500K in a Pre-Seed Round Funding

Retail chains are driven to engage in creative solutions not only to draw in new consumers but also to foster customer loyalty from their current clientele. Enhancing the shopping experience leads to higher sales volumes, which in turn spurs business expansion.

Michal Lewandowski, managing partner at Freya Capital said, “Observing the rapid growth of ZeroQs, as well as the market itself, we decided to increase our involvement in the company through a follow-on investment. Retail chains are looking with increasing interest at accessing data on customer behavior, and ZeroQs’ smart shopping cart could become a key provider of this information. The aforementioned demand is confirmed by growth forecasts in the in-store analytics market. According to a Straits Research report, the global In-Store Analytics market was already worth $3.8 billion in 2022, and is expected to reach $25.4 million by 2031. With access to such data, retail chains can increase both sales and customer satisfaction,”.

About ZeroQs

ZeroQs are the firm that developed the mobile self-checkout technology used in SmarCart. By cutting down on wait times, this technology improves customer satisfaction while shopping, boosts retail profitability through lower labor costs, higher average basket values, and theft prevention, and boosts revenue for FMCG producers through customized in-store marketing.

Read also - Amsterdam-based Send AI Raises €2.2Million in a Pre-Seed Round Funding

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