Israeli startup STOREE developed a technological system for automatic management of retail chain stores’ organizational operation. So the name is “Store – E.” STOREE just completed an $8 million seed round of funding with an additional $6.8 million invested. The round was led by private investors along with retail and consumer stores, including the American jewelry corporation Signet Jewelers.
STOREE was founded in 2016 by Asaf Shapira, Idan Sergi and Chen Cohen. The company currently employs 22 people. Today it operates in 35 retail and consumer chains across Israel and Europe, operating more than 2,500 stores in the apparel, cosmetics, accessories, eyewear, and footwear fields.
Technology developed by the Company is based upon existing customer data composed of sales history, available products storage, and customers bank, gathering issues and shortages that arise from such data. In addition, the technology enables optional products presentations and examines the implications of such trials on future sales, allowing sales enhancement.
STOREE operates in the field of data sciences and business intelligence. STOREE states that its product advances retail chains operation “enabling technological functions such as store storage regulation, exhibition spaces advancement, sales amplification, and automatic tasks formation for the organization’s employees.”
As with everybody, the Covid pandemic affected STOREE. Only in their case it actually presented an opportunity.
“The COVID-19 crisis constitutes an exceptional opportunity for STOREE due to the growing demand for long-distance stores management and lack in human resources employed prior to the pandemic,” explained Asaf Shapira, Co-Founder and CEO of STOREE.
“I am delighted to announce the current seed round. This round is proof of the demand for operational technologies in the retail sector,” he added. “Our product offers an algorithm for business management according to different factors, eventually allowing retail stores to follow Gett’s and Uber’s influence in the taxi sector. We believe that the automation provided by STOREE will cause the needed change in the retail world currently depended on a thick human chain of managers to deliver information the old-fashioned inefficient way via e-mails and WhatsApp.”