- The Sydney-based tech company has been developing AI to assist retailers in stocking
- HIVERY has already raised $8M, and now has a One Ventures credit facility
- Uses AI to optimise merchandising processes that are otherwise time-consuming
There’s no doubt that the global and local retail industry, already undergoing digital disruption and change, has been one of the most affected by the pandemic.
One Sydney-based tech company has been developing AI (artificial intelligence) solutions that assist retailers in stocking the optimum amount of products in their stores.
Founded in Surry Hills in 2015, HIVERY has announced it has finalised a debt facility with One Ventures fund to accelerate the company’s growth ahead of its next financing round.
This financing marks the tenth investment from the 1V Venture Credit Fund, with over half of the fund now committed. The fund launched in April 2019 with $80M in commitments and ability to provide over $100M in loans. The fund is unique in the Australian market in that it offers high-growth startups and scale-ups financing that is less dilutive than equity.
HIVERY serves a growing number of retail and consumer packaged goods (CPG) clients in North America.
The company was founded by Jason Hosking (CEO), and Franki Chamaki (Head of Marketing) both ex-Coca Cola, and data scientists Dr Menkes van Den Briel and Dr Matt Robards. It has raised over $10 million to date from existing investors Coca-Cola, Blackbird Ventures and AS1.
HIVERY uses AI to optimise category management and merchandising, processes that are incredibly time-consuming. The solution allows retailers to manage product assortment and space allocation down to the individual store level and automate it across an entire network of stores, an industry first.
On average, HIVERY claims that its platform increases sales by more than 5% and reduces operational processes by around 80%.
OneVentures provided HIVERY with a customised funding facility, referred to as ‘venture credit.’
“Venture credit is a really useful funding option for startups but finding the right partner and product is critical. OneVentures certainly stood out in their flexibility and world-class expertise.”
Roy Cooke, Hivery’s Finance Director
OneVentures is one of Australia’s leading venture capital firms, with over $550M in funds under management.
“As venture credit has become more understood and the market has become educated on the product, we’ve seen increased adoption and interest in the ANZ market,” said Nick Gainsley, Principal at OneVentures.
“Deployment is now really strong. Founders are seeing the benefits and prefer it as the funding creates less dilution than equity with applications such as extending runway, acquisitions, general working capital and founder liquidity.”