GreyOrange secures USD 110 mn in growth financing round
GreyOrange, the global leader in automated robotic fulfillment and inventory optimization software, announced $110 million in comprehensive growth financing, a majority of which came from Mithril Capital Management and a distinguished group of current and new investors, along with separate financing provided by funds and accounts under management by BlackRock.
The growth financing underscores GreyOrange’s technical leadership in a fundamental market shift to robot-enabled automated fulfillment solutions. GreyOrange reduces operating costs and expedites delivery for global retail industry leaders including Walmart, H&M, COS, Coupang and GXO Logistics. GreyOrange grew across new customers, applications and geographies while achieving over 170 percent gross retention in contracted revenue from existing customers in 2021.
“GreyOrange is trusted by the biggest names in retail to help them do what they do best, better,” said Ajay Royan, Managing General Partner at Mithril Capital Management. “Demand for the GreyOrange omnichannel fulfillment platform continued to increase consistent with our high expectations as retailers come to terms with the immediate necessity of robotic automation in fulfillment. We are particularly excited about the expansion underway with GreyOrange’s SaaS applications, such as gStore, which deliver new and innovative supply chain solutions to discerning consumers across the GreyOrange customer base.”
“The leading brands and retailers we spoke with that use the GreyOrange platform to transform their fulfillment centers and enhance the work environment for their associates experienced substantial productivity improvements,” said Brad Pritchard, Managing Director and Head of Venture Lending at BlackRock Capital Group.
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GreyOrange will deploy the growth capital to accelerate the company’s technology leadership, continue its global expansion and further support the adoption of GreyOrange’s unique fulfillment platform in warehouses, distribution centers and retail stores. Furthering the future of omnichannel fulfillment, gStore from GreyOrange is a mobile-first SaaS app that turns stores into tech-enabled, personalized experience hubs for customers as well as dynamic fulfillment centers for online commerce using real-time digital management of in-store inventory. The gStore software solution deploys either in stores as a standalone solution, or as part of GreyOrange’s ecosystem-wide fulfillment platform.
“Our fulfillment platform revolutionizes how the largest and best-known retail brands in the world, such as Walmart and H&M, fulfill their promises to customers, employees and shareholders,” said Samay Kohli, co-founder and CEO, GreyOrange. “As ecommerce sales soar, brands face a stark reality: embrace automation, or cede customers to the competition. We orchestrate fulfillment and optimize inventory in a complex global supply chain environment for more companies that ship millions of items each day than any other player in the market outside of Amazon. This growth financing enables us to rapidly deliver our premium solution to meet the expansion demand from existing customers, rapidly onboard our high volume of new customers, reach new partners and accelerate our unique product roadmap with an expanded suite of software solutions and predictive analytics.”
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