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Amazon Cashierless Tech Competitor Grabango Shuts Down After Failing to Secure Funding
In a blow to the cashierless checkout technology sector, Grabango, a startup competitor to Amazon, has announced it will be shutting down after failing to secure the necessary funding to continue operations.
The company, which launched in 2016, was known for its checkout-free technology that leveraged computer vision and machine learning to enable seamless shopping experiences.
Despite raising over $73 million in funding and partnering with major retailers, Grabango ultimately couldn’t secure additional capital in a challenging venture funding environment.
Why Grabango is Shutting Down
Grabango had carved out a space in the growing cashierless technology market, competing against Amazon’s Just Walk Out system.
However, a company spokesperson cited funding challenges as the reason for its closure, explaining, “Although the company established itself as a leader in checkout-free technology, it was not able to secure the funding it needed to continue providing service to its clients.”
The venture-backed company, based in Berkeley, California, had raised $73 million from investors, including Commerce Ventures,
Peter Thiel’s Founders Fund, and the venture arms of Unilever and Honeywell. Its largest financing round came in 2021 when it raised $39 million, but the funding landscape has since become more challenging.
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