Takeoff Technologies, a Boston, MA-based tech startup that provides hyperlocal microfulfillment solutions for grocery retailers, raised $25 m in Series C funding.
The round was led by Forrestal Capital for a 5% stake in the company. It valued the company at $500m and brought total funds raised to $86m.
The company intends to use the funds to accelerate a rollout scale across North America, Europe and Australia.
Co-founded by Jose V. Aguerrevere and Max Pedro in 2016, Takeoff Technologies provides hyperlocal microfulfillment solutions for grocery retailers to bring their grocery operations online. The microfulfillment centers, or MFCs, store groceries in compact, vertical rows, leveraging robots to pull groceries and assemble orders in minutes. The company supports retailers growth in eCommerce by leveraging automation at a hyperlocal scale. Orders are placed online through established retailers and Takeoff’s automated technology fulfills the order using robots in microfulfillment.
The company’s robotics technology is proven and ready to deploy at scale thanks to exclusivity partnership with Knapp, as well as Albertsons, Ahold Delhaize, Wakefern, Sedano’s in the USA and with Woolworths, in Australia.