Hivery closes US$30 million Series B

AI-powered retail assortment solution Hivery has closed a US$30 million Series B led by New York-based investment firm Tiger Global.

Existing investors including Blackbird Ventures, AS1 Partners and OneVentures also participated in the round as part of Hivery’s expansion strategy.

The capital raise is set to be directed to accelerating product development to support customer demand as it expands internationally beyond the USA.

According to Jason Hosking, CEO and co-founder of Hivery, "This new round, which includes new and existing investors, is a validation of our achievements to date and the strength of our vision.

“This comes just months after CB Insights named us in their world Retail Tech 100 rankings. We are excited to have Tiger Global as part of our investor team. Our investors all share our vision to bring AI-driven assortment and optimisation solutions to the global retail industry."

Hivery’s flagship product, curate is a hyper-local category management solution allowing businesses to leverage AI, machine learning and operations research in order to optimise their store-level assortment and space strategy and unlock revenue growth.

In a LinkedIn post commenting on the raise, Hosking said, “With this investment, we will accelerate our vision to change the way retailers and brands collaborate. We are driving a new era of hyper-local retailing.”

“Hivery’s AI-driven optimisation strategies are creating a much more effective way for retailers and suppliers to collaborate,” said Griffin Schroeder, partner at Tiger Global.

The enhance product uses AI for product assortment at a machine level in vending machines. It applies AI and ML to vending data to better optimise assortment as well as utilising advanced mathematics, also known as operation research, to improve space-to-sales in vending machines.

“We live by our philosophy of investing in generational companies, and we are excited to continue to support Hivery’s rapid growth with this follow-on investment” added Niki Scevak, Partner, Blackbird Ventures.