MishiPay, the theft-proof mobile self-checkout technology that promises to eliminate the checkout line in a store, recently named in the Top 50 Innovators list by City AM, raises over £1.65M in seed funding, led by London based pan-European VC Nauta Capital.
This latest investment round enables MishiPay to continue its rapid growth, by providing High Street retailers with the best of the online checkout experience in the physical store using its patent-pending technology, allowing shoppers to simply scan the barcode of an item on their phone, pay on the phone and leave the store with their items, meaning never having to wait in a queue again.
A unique aspect of MishiPay’s technology is that it allows a “Scan, Pay, Leave” experience while ensuring security against theft with RFID and other means. If shoppers try to leave without paying, the sensors will sound the alarm, however, once the payment is made, the security is disabled on its own allowing the shopper to simply walk out of the door with the purchased items. A big advantage of the MishiPay system is in its existing integrations and partnerships with global heavyweights within the retail ecosystem.
Mustafa Khanwala, the CoFounder and CEO of Mishipay, thought of Mishipay after waiting in a particularly frustrating queue in 2015 and looped in his close friend Tanvi Bhardwaj to join as CoFounder and CTO. The two have been working on this for the past 2 years and were excited about this step.
Mustafa said: “This round is a significant stepping stone for us. After having proven our technology in trials across 4 countries, we are now ready to work with major retailers to prove the clear value in rolling out our technology in their stores. The investment will help us realise our projects with the largest and most innovative retailers in Europe such as Media Markt Saturn, the largest consumer electronics retailer in Europe.”
MishiPay aims to unlock the future of the retail checkout experience, by bringing the best of both online and in-store together, enabling each shopper to become their own cashier and giving the retailers more time to focus on the experience and service.
“Our vision is to make shopping on the high street just as seamless as shopping online, and we couldn’t have found a better investment partner than Nauta to help us bring this vision to life,” adds Mustafa.
“In a Retail market where consumers are constantly demanding better experiences and retailers are struggling with costs while needing to unlock the potential of Omnichannel, MishiPay has huge potential impact. The growth and success Mustafa and Tanvi have shown this far in such a short amount of time has impressed us and we believe our funding will help them multiply those results,” explained Carles Ferrer, London based General Partner at Nauta Capital, who led this investment round.
Edward Westenberg, Practice Manager Retail at Cisco said: “After two years of excellent relationship building together with Cisco, MishiPay is ready to enable leading Retailers ride the wave rippling through the industry: leverage converging technologies to eliminate friction in one of its key processes. Perfect timing, perfect storm."
About MishiPay: MishiPay (https://www.mishipay.com) allows anyone in the store to pick up an item, scan the barcode on their phone, pay on the phone and just walk out of the door with it. If someone tries to leave without paying, their patent-pending technology powered by RFID immediately catches that and sounds the alarm. Here's a video: https://youtu.be/VGhKnquRCIk
Mishipay is backed by multiple notable investors including True, Europe’s only retail and consumer sector specialist that operates across the entire investment vertical. They are currently working with amazing partners like Cisco, Avery Dennison, Nedap, Zebra and others and are doing Proof of Value projects with some of the biggest retailers in Europe such as Media Markt Saturn, the largest consumer electronics retailer in Europe!
About Nauta Capital: Nauta Capital is a pan European Venture Capital firm investing in early stage technology companies. Nauta has a presence in London, Barcelona and Boston. Main areas of interest include B2B Software propositions, disruptive Digital Media companies, and enabling technologies for Mobile and the Internet. Nauta has $300+ million under management and invests in Western Europe and the USA. Nauta has led investments in 30+ companies including CloudIQ, Brandwatch, Fizzback, GreatCall, ForceManager, BeMyEye, Nextail, Scytl, Getapp, ChannelSight, Basekit, Geoblink, Privalia and Social Point. For more info visit www.nautacapital.com
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