News & Blog

Justin Behar
Justin Behar Chief Executive Officer, Trax

Visionary investors back Trax to drive the future of retail with $640 million Series E funding round

I am excited to announce that Trax has secured $640 million in a Series E financing round led by SoftBank Vision Fund 2 and technology-focused funds managed by existing investor BlackRock, Inc. This round of primary and secondary capital also saw participation from new investors including OMERS, one of Canada’s largest defined benefit pension plans, and Sony Innovation Fund by IGV. You may read the full announcement here.

During the 10 years since our founding, many of the world’s top CPG companies have adopted our cutting-edge computer vision solutions. We today:

  • Count 30 of the top 50 global CPG companies as customers.
  • Serve over 250 CPG companies and retailers in over 90 countries.

The substantial size of this financing round — almost double the total raised over the past 10 years — enables us to execute on Trax’s ambitious vision for the future of retail, one that encompasses the growing needs of everyone in the retail ecosystem — the manufacturers and brands, the distributors and retailers, and the consumers who rely on all of us.

So, what are we going to do with our new capital? For starters, we are going to aim higher and chart faster growth than ever before. We will invest in exciting new ideas and capabilities. And finally, we intend to cement our position at the vanguard of cutting-edge retail technology for brick-and-mortar stores. Even as our ambitions grow, our vision remains laser-focused on empowering the “store of tomorrow,” where technology seamlessly merges the physical and digital worlds.

Tripling down on driving innovation across the entire retail value chain.

With this latest funding, Trax will continue to pioneer game-changing technologies that solve our customers’ pain points so they can focus on providing the best shopping experiences imaginable. Specifically, we will use the funds to:

  • Accelerate growth and triple down on continued innovation across computer vision, machine learning, IoT, and marketplace technologies.
  • Extend our marketplace solutions into new geographies.
  • Finally, we see many opportunities to help retailers along their digitization journey and so will be expanding into new use cases with products we develop and via potential acquisitions.

For those interested to know how Trax is harnessing the power of digital technologies to help brands, retailers and shoppers navigate the new retail reality, we have organized our first-ever Trax Roundtable virtual conference for April 15. We are calling it the Retail Renaissance, and it is an excellent opportunity to learn from the brightest minds and biggest thinkers in the industry, including speakers from Unilever, Tyson Foods, Beiersdorf, Google, PayPal and Blue Yonder. You can sign up here.

For those keen to join us on our journey and help define the future of retail, you might be interested to know that we have openings globally. Check out our careers page here.

Lastly, to our Trax community — including our investors, customers, partners, and employees — thank you for your steadfast support. This investment is testament to your unwavering belief in what we are trying to achieve. We would not be here without you. And we look forward to working together on this exciting new phase of Trax’s success story.

Yours,

Justin Behar

CEO Trax

AUTHOR
Justin Behar
Justin Behar Chief Executive Officer, Trax Justin Behar is the Chief Executive Officer at Trax. He was appointed in January 2021, after having served three years as Chief Corporate Development Officer of the company. Before joining Trax, Justin spent seven years as co-founder and CEO of Quri, leading the company from its founding through a successful acquisition by Trax.

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