Omnistream, a Singapore-based data-empowered solutions company for the retail industry, said Tuesday it has raised $7 million in Series A funding led by SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group (SIG).
The round also saw participation from Delivery Hero Ventures, an independently managed venture capital fund backed by Delivery Hero, along with Asian investment management firm Spiral Ventures and venture capital firm Wavemaker Partners, Omnistream said in a statement.
It also said that the new funding will allow Omnistream to rapidly scale to address the needs of retail clients globally and will result in the addition of more than 50 new roles to the team by the end of 2022.
“I founded Omnistream as a mission-driven company to bring technology solutions to some of the most pressing challenges facing the retail industry. As shoppers become more discerning, Omnistream empowers retailers to provide a superior customer experience that includes a more tailored product assortment, fewer stock-outs, and less waste across the retail supply chain. With the support of our Series A investors, we are excited to bring these benefits to more retailers and their customers across the globe,” said Wendy Chen, Founder and Chief Executive Officer of Omnistream.
Founded in 2018, Omnistream is a global software-as-a-service (SaaS) company providing solutions to large retailers across Asia, Australia, Europe and North
America with deployments across 8,500+ retail locations. Its technology helps retailers optimise their physical footprint by generating store-level planograms that optimise assortments for hyperlocal demand resulting in material uplifts in sales.
The company is one of the fastest-growing retail technology companies in Asia, experiencing tenfold usage growth so far in 2022, and serves a wide range of retail customers including supermarkets, convenience stores, pharmacies, as well as online grocery operators. With its recent expansion into North America and Europe, it is positioned to become a globally leading retail technology company.
“We were impressed with Omnistream’s ability to productise what previously was a costly yet ineffective approach for retailers to serve customers better. The company’s growing pipeline of inbound demand from retailers globally is testament that they have built something unique. Our investment will assist Omnistream to realize its global ambitions, offering next-generation technology solutions to a broad range of retailers,” said Blake Ong from SIG.
SIG is the Southeast Asian and Indian venture capital arm of the Susquehanna International Group of Companies, a global proprietary trading and private equity investment firm founded in 1987. It is particularly focused on the adoption of business models across countries and regions and are able to draw upon the network and knowledge across the SIG global portfolio to provide insight and assistance to our founders.
Over the last 15 years, it has invested in over 350 companies and achieved initial public offering (IPO)/ merger and acquisition (M&A) exits in over 70 companies in Asia. Some notable companies in its global portfolio include Bytedance, Agora, Kumu, Lentra, Mobile Premier League, Musical.ly, Paidy and RedDoorz.
“Delivery Hero operates one of the world’s largest networks of dark stores for grocery delivery. We immediately saw the potential for Delivery Hero to work with Omnistream to drive incremental sales and operational efficiencies for our online grocery business. The company’s mission-driven focus also resonated with our core value to create a more sustainable food and grocery industry,” said Brendon Blacker, Managing Partner of Delivery Hero Ventures.
ORIGINALLY PUBLISHED ON TECHNODE GLOBAL