HIVERY, the specialist in artificial intelligence solutions for the retail sector, has closed its debut funding round with a view to accelerate growth.
According to an announcement, the company has finalised an undisclosed debt facility ahead of its next financing round. This financing marks the 10th investment from the 1V Venture Credit Fund, with more than half of the fund now committed.
The Fund launched in April 2019 with $80 million in commitments and ability to provide over $100 million in loans. It is unique in the Australian market as it offers high growth startups and scale-ups financing that is less dilutive than equity.
Alongside HIVERY, the 1V Venture Credit Fund also recently backed Eucalyptus, a healthtech platform designed for women's and mens health, with a total combined investment of $8 million.
Previous investments in the fund include Shippit, Edrolo, Hometime, Indebted, Coassemble, OneVue, Zoomo and Phocas.
HIVERY offers simulation and optimisation solutions to a growing number of retail and Consumer Packaged Goods (CPG) clients in North America.
The company was founded in 2015 by Jason Hosking (CEO), and Franki Chamaki (head of marketing) both ex-Coca Cola, and data scientists Dr Menkes van Den Briel and Dr Matt Robards.
It has raised more than $10 million to date from existing investors Coca-Cola, Blackbird and AS1.
HIVERY uses AI to optimise category management and merchandising, processes that are normally very time consuming. As a result this improves output performance to increase the profitability of retail outlets.
The solution enables CPG companies and retailers to manage product assortment and space allocation down to the individual store level and automate it across an entire network of stores, which is an industry first.
According to the company, on average HIVERYs Curate platform grows sales by more than 5% and reduce operational processes by around 80%.
HIVERY CEO and cofounder Jason Hosking says, “OneVentures provided HIVERY with a customised facility to suit [our] unique funding requirements. This helps HIVERYs continued scaling ahead of our upcoming Series B. We are truly excited to partner with the OneVentures team."
HIVERY finance director Roy Cooke says, "Venture credit is a really useful funding option for start-ups but finding the right partner and product is critical. OneVentures certainly stood out in their flexibility and world-class expertise.
OneVentures principal Nick Gainsley says, “As venture credit has become more understood and the market has become educated on the product, we've seen increased adoption and interest in the in the ANZ market.
"Deployment is now really strong. Founders are seeing the benefits and prefer it as the funding creates less dilution than equity with applications such as extending runway, acquisitions, general working capital and founder liquidity."