Today, Boxy has announced a new funding boost of €25 million, fueling its ambition to become the first national network of autonomous convenience stores in France.
This Series A round is led by new investor Serena, with historical investors CapHorn and LocalGlobe and several business angels. Part of the financing is provided by Bootstrap Europe in Growth Debt.
Redefining convenience shopping, the French startup was founded in 2019 with a new concept that responds to the constraint of everyday shopping using technology. Built using recycled sea containers, that can multiply indefinitely and fit into any environment, Boxy aims to be of use to the majority of French people who are facing an insufficient convenient offer and are not targeted by the services reserved for the biggest cities.
David Gabai and Tom Hayat, founders of Boxy explained: “With every other shopping experience, there is compromise. Large supermarkets are cheap, but often far and time-consuming. Smaller convenience stores are close by, but expensive. Delivery services are convenient, but there’s a waiting time, a fee and they’re not available everywhere. Very few are open 24/7. Our mission is to deliver uncompromising convenience through every experience.”
The startup has a carefully selected offer of 250 useful products for everyday life (from groceries to take-out) at a fair price and tech is inwritten into the company’s DNA. Boxy provides a smooth, accessible and fast shopping experience – mastering the entire value chain (including data, logistics, goodwill and the network of outlets).
After downloading the Boxy application, entering your identity and registering your payment method, you can access the store (24 hours a day, 7 days a week) via QR code. Once inside, the 100% proprietary technology is based on hundreds of sensors and a system that combines computer vision and deep learning algorithms. This device automatically detects the selected items and invoices the customer as soon as he leaves the store, without having to go through a cash register. The receipt is sent in digital format a few minutes later.
The new funding will fuel the young startup’s ambitions. Throughout 2022, the plan is to open a new Boxy every week on average – aiming to deploy 1000 stores by 2025. While it continues to build up its network in the Paris region, Boxy is also planning to settle in other parts of France, starting with the Rhône-Alpes and Hauts de France regions.