GrocerKey, an e-commerce platform specifically built for the needs of grocery retailers, has secured a new $2.5 million round of financing with participation from Woodman’s Markets, which led the round, as well as dunnhumby Ventures and other prominent Midwest angel (individual) investors. The total invested in GrocerKey since 2015 now is $4.2 million.
“We provide grocery retailers with the technology and operations expertise needed to succeed against growing competition both online and in-store,” said Jeremy Neren, GrocerKey founder and CEO. “Receiving the support of prominent industry players like Woodman’s and dunnhumby validates our strategy of delivering profitable digital solutions to grocery retailers. Last year our revenue climbed nearly 500 percent. We are on track for similar growth in 2018 and believe this investment will provide GrocerKey with the additional firepower needed to meet that demand.”
Over the last two and a half years, Woodman’s has rolled out GrocerKey’s e-commerce platform to all sixteen of its regional stores. As a result, Woodman’s has fulfilled more than 100,000 click-and-collect and delivery orders.
According to GrocerKey, the successful implementation of e-commerce at Woodman’s has led to the company signing several regional and independent grocery chains throughout the U.S., including Southeastern Grocers, Piggly Wiggly Midwest and Kowalski’s Markets.
“GrocerKey has built an impressive track record of growing profitable operations on behalf of its retail clients by providing the tools and technology needed to succeed in grocery e-commerce,” said Kyle Fugere, head of dunnhumby Ventures, which funds and accelerates startup businesses that are embracing data for innovations along the consumer’s path to purchase. “Dunnhumby is excited to align with a cutting-edge and innovative omnicommerce solution and to help power the GrocerKey solution with our customer data science platform.”
Founded in 2014 and based in Madison, Wisconsin, GrocerKey helps brick-and-mortar retailers adapt to the new digital and mobile world. GrocerKey combines omnicommerce technology, e-commerce grocery operational experience, and proven strategies to help brick and mortar retailers become digital leaders, the company says. The GrocerKey omnicommerce platform is designed to integrate with a retailer’s existing merchandising, loyalty and point-of-sale technologies. The platform includes a mobile optimized e-commerce interface, store-based picking, delivery management and native mobile apps with mobile self-checkout capability.
Woodman’s Markets is an employee-owned U.S. regional supermarket chain based in Janesville, Wisconsin. Founded in 1919 as a produce stand, Woodman’s has grown to operate sixteen stores in Wisconsin and northern Illinois.