Simbe Announces 3X Year-Over-Year Growth and Path to Profitability
SAN FRANCISCO, January 04, 2024 -- Simbe, the leading provider of Store Intelligence™ solutions that increase retailer performance through proprietary computer vision and AI, today announced record 2023 results that signal accelerated momentum and an exponential trajectory for the year ahead.
Company Growth
On the heels of a $28 million Series B led by premier venture firm, Eclipse, in July 2023 – secured when only the highest-performing companies attained such funding – Simbe closed the year with a 3X increase in its subscription revenue base. This 3X year-over-year (YoY) growth rate represents Simbe's path to profitability across multiple chain-wide deployments, multi-year customer renewals, and outsized net-new customer interest.
Simbe is well-positioned to continue this momentum into 2024 and beyond, thanks to forthcoming platform developments and differentiated product capabilities introduced this year. In March 2023, Simbe entered the large format club market with new product capabilities specific to the format, deploying Tally chain-wide across BJ’s Wholesale Club locations. In addition, the company signed new agreements and expansions with Schnuck Markets, SpartanNash, Wakefern Food Corp., Carrefour, and others to be announced. Across its locations in four countries and the majority of U.S. states, Simbe has processed more data than any other generally available store intelligence solution, helping retailers identify more than 202 million out-of-stock instances and 57 million price errors to date.
“Our platform is the only solution that delivers pricing and promotion, product availability, and location information with market-leading accuracy – all crucial inputs for store intelligence. We take great pride that Simbe’s retail partners propel new phases of improved sales and labor efficiencies with our actionable insights,” said Brad Bogolea, co-founder and CEO of Simbe. “We’re also energized by recent platform enhancements, new customers, awards, and other milestones that will continue to expand in 2024.”
Recent industry accolades further showcase Simbe’s performance and reputation as the market leader in store intelligence solutions. This year, the company was honored among:
- TIME Magazine’s Best Inventions of 2023
- Fast Company’s 2023 Next Big Things in Tech
- Modern Retail Awards’ 2023 Best Use of Technology, in partnership with SpartanNash
New Appointments
Simbe is further poised to expand its global footprint, product offering, and market position through four strategic new hires made in Q4 2023:
- Caitlin Allen, Senior Vice President of Marketing: Allen is a marketing powerhouse, entrepreneur, and former Andreessen Horowitz partner with two decades of experience taking companies from $0-200M ARR and through multiple exits. She served as Director of Enterprise Marketing at Lyft before and after its IPO, and as the top marketing executive at Happy Returns (Acquired: UPS), Intangent (Merged with: Argano), and Clear Content Marketing (Acquired: Skyword). She will spearhead Simbe’s global brand and product market strategy.
- Gia Cross, Senior Director of Marketing: A seasoned marketing director, Cross holds a proven track record of guiding organizations through periods of exponential growth, previously scaling startups from $10 million in ARR to $50 million in ARR. She will lead Simbe’s demand generation, ABM, and digital marketing efforts.
- Seamus McHugh, Head of European Market Development: McHugh brings over 20 years of experience in retail technology, having previously worked in Europe’s POS, Self-Checkout and Payment industries. Most recently, he was part of the leadership team at a retail media startup, where he scaled the customer base across 3 continents. He will oversee the expansion of Simbe’s solution across EMEA.
- Alicia Paliuca, Senior Director of Sales: Paliuca joins Simbe with nearly two decades of experience building best-in-class partnerships that ignite long-term growth. She’s led sales teams for global Fortune 500 companies, CPG brands, and venture-backed startups with annual revenues of $50 million. Paliuca will play a crucial role in expanding Simbe’s work with leading retailers.
For more details on Simbe’s Store Intelligence solution, visit www.simberobotics.com.
About Wakefern Food Corp.
Founded in 1946, Wakefern Food Corp. comprises nearly 50 member families who today independently own and operate close to 360 supermarkets under the ShopRite, Price Rite Marketplace, The Fresh Grocer, Dearborn Market, Gourmet Garage and Fairway Market banners in New Jersey, New York, Connecticut, Pennsylvania, Maryland, Delaware, Massachusetts, New Hampshire and Rhode Island.
About Simbe Robotics
Simbe Robotics is the global leader in automation solutions that give retailers unprecedented visibility and insight into the state of their store environments, while improving inventory and operational challenges. Simbe is a privately held, venture-backed company headquartered in San Francisco, CA and works with major worldwide retailers and brands across the US, Europe and Asia. For more information, visit www.simberobotics.com or follow the company at @simberobotics.
About Tally™
Tally is the world’s first fully autonomous in-store product auditing solution. Tally works in concert with retail store associates by empowering them with timely information to ensure products are always stocked, in the right place and correctly priced. Using a suite of sensors, the robot operates safely during normal store hours alongside shoppers and employees and doesn’t require any infrastructure changes to the store. Tally’s design is intuitive, friendly, and fits naturally into the retail environment. The robot scans entire stores up to three times per day and autonomously returns to its dock allowing for continuous operation. Combined with Simbe’s cloud-powered software platform, powered by computer vision and machine learning, retailers have unprecedented information and insight into the state of their stores. This information can be used to streamline store performance, maximize customer satisfaction, increase sales, and optimize operational expenditures.