Simbe Announces 3X YoY Growth & Path to Profitability

I am delighted to share that Simbe today registered record 2023 results spanning a 3X increase in its subscription revenue base year-over-year (YoY) and path to profitability. This accelerated momentum constitutes tremendous net-new customer interest in Simbe’s Store Intelligence™ Platform, multiple chain-wide deployments, and multi-year customer renewals – and signals continued exponential growth for 2024.

Following are highlights of the historic year, also summarized in our press release.

Brad Bogolea

Brad is Simbe’s CEO and co-founder, overseeing the company’s vision and efforts to shape a better future for retail. A true believer in data’s ability to revolutionize the supply chain and inform better business decisions, Brad brought to market the world's first autonomous shelf auditing solution, Tally, to give retailers stronger insights into product location and availability.

• We were honored to receive a $28M series B equity financing round from Eclipse, a premier venture firm specializing in the digital transformation of essential physical industries that impact daily life.
  
• Simbe introduced differentiated product capabilities for the large format club market, deploying Tally chain-wide across BJ’s Wholesale Club locations in four months.
  
• The company signed new agreements and expansions with Carrefour, Schnuck Markets, SpartanNash, Wakefern Food Corp., and others to be announced across 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 over 202 million out-of-stock instances and 57 million price errors to date.

• Industry accolades reiterated Simbe’s performance and reputation among TIME Magazine’s Best Inventions of 2023, Fast Company’s 2023 Next Big Things in Tech, and Modern Retail Awards’ 2023 Best Use of Technology, in partnership with SpartanNash.
  
• Four strategic hires made in Q4 2023 will further expand our market leadership. Caitlin Allen and Gia Cross joined as Senior Vice President and Senior Director of Marketing, respectively, to lend their expertise growing organizations from $0-200M ARR. Seamus McHugh will power global expansion as Head of European Market Development, and Senior Director of Sales Alicia Paliuca will draw from her work with Fortune 500 enterprises to expand our top-tier retail relationships.

We take deep pride in the new levels of increased sales and labor efficiencies that Simbe's retail partners set in motion with our actionable insights. Our customers’ outsized results represent their tenacity and pioneering innovation, as well as the fact that only our platform is capable of delivering pricing & promotion, product availability, and location information with market-leading accuracy. All are crucial inputs for store intelligence.

Thank you to our customers and each member of the Simbe team for their role in co-creating these results. I know we are all energized to continue this momentum into 2024 and beyond, with forthcoming platform developments and other planned milestones.