RevTech Recap: Q1 2023
David Matthews with RevTech Ventures shares a brief update on what we’re seeing in our portfolio and in the marketplace.
Top themes in retail technology:
AI, as applied to personalized marketing, store analytics, and inventory management. Retailers and brands have had ever-growing mountains of data for years now; AI is the key to turning massive data into actionable insights across the spectrum.
A few portfolio highlights:
1. Birdzi's latest product, VISPER 2.0, released summer 2022 is showing strong initial results, hitting a 30x ROI at one of their grocer deployments.
Birdzi is a personalization platform for independent grocery chains.
2. Crave Retail is not only in the midst of a full deployment at Victoria's Secret, but has also expanded it's relationship with customer number one into the UK.
Crave Retail is a powerful fitting room technology for apparel retailers.
3. FindMine has had a busy quarter, launching Rent the Runway and Monica & Andy, expanding their EU operations with a new office in Paris, and introducing a new product, Visually Similar.
FindMine leverages AI to complete the look for apparel and other verticals.
4. Neighborhood Goods is now coast-to-coast with the opening of their 4th store in Newport Beach, CA. Additionally, Q1 marked a big chapter for the department store with their first brand acquisition, The Tot, which will help deepen their opportunity in the kids space.
Neighborhood Goods is a new type of department store, featuring an ever-changing landscape of the world's most thoughtful, progressive, and exciting brands.
5. Pensa Systems announced a big win with a new major partnership with Acosta, which provides planograms to hundreds of consumer brands. This partnership is going to accelerate Pensa Systems growth with shorter sales cycles and higher margin/incremental revenue, all at a larger scale.
Pensa Systems has a syndicated data solution for grocery and drug stores to have accurate and actionable shelf visibility.
6. UR Comped has a big win to celebrate, with revenue growth nearly 4x YoY in 2022.
UR Comped is a customer acquisition engine for both land- and ocean-based casinos.
