Evolv Ventures

Speeding up sales, cutting costs, and preparing for the future of retail—whether brick-and-mortar or online.

Retail Industry Robots

Fabric (formerly known as CommonSense Robotics) is a provider of on-demand, micro-fulfillment solutions. Its micro-fulfillment centers (MFCs) use autonomous mobile robots that operate around the center floor to collect and deliver items for packaging, allowing retailers to provide a one-hour delivery service to their online customers. Fabric is known for having built the smallest MFC (6,000 sq ft) based entirely on its in-house technology.&nbsp;Fabric’s initial primary offering was on-demand fulfillment solutions for online grocers. Fabric used to own and operate on-demand facilities, from which it offered fulfillment to small online retailers on a pay-per-order basis. In July 2022, Fabric announced a change in its <a href="https://sp-edge.com/updates/11622">business model</a> from on-demand fulfillment to a platform-based offering. Under the new model, the company develops and offers micro-fulfillment hardware and software solutions to be managed by the customer. Fabric has indicated that its original service-based offering would not be halted entirely, due to potential demand from small-scale retailers and the cost-intensive nature of the new platform-based model. With the shift in business model, however, Fabric also laid off around 40% of its staff primarily engaged in the service business, and also in R&amp;D. Fabric holds a patent for its multi-tote size automated storage and retrieval system (ASRS).&nbsp;Key customers and partnershipsIn April 2022, the company opened a 13,000 sq ft on-demand MFC in<a href="https://sp-edge.com/updates/9960"> Dallas</a>; Chill Brands joined as the first customer.Fabric’s micro-fulfillment customers include retailers such as FreshDirect (2020), Super-Pharm (May 2021), Walmart (January 2021), and Save A Lot (<a href="https://sp-edge.com/updates/35637">October 2024</a>). Fabric also has a partnership with Instacart to jointly offer automated order fulfillment services to grocery retailers in North America (July 2021).&nbsp;In November 2022, Fabric partnered with Logistics Reply to integrate LEA Reply, a supply chain execution platform, with its automation solution to provide customers with actionable insights, accelerated onboarding, and the ability to integrate with external systems.&nbsp;&nbsp;

Providing a seamless consumer experience is one hope for bringing back brick and mortar retail, automated stores are being built to do just that.

Automated Stores

Zippin offers computer vision-powered grab-and-go checkout solutions for retailers. Zippin uses overhead cameras and shelf sensors along with computer vision algorithms to track items picked up by customers. The customers can use Zippin’s mobile app to enter the store, pick up their purchases, and exit the stores to complete the transaction. Zippin claims the combination of cameras and weight sensors provides a more accurate sensor fusion algorithm compared to a purely camera-based solution.Zippin does not use biometrics to identify consumers and only uses overhead cameras to map out customer movements. Zippin’s solutions are priced based on the square footage of the stores.The company also offers the Zippin Crew app, a mobile app that can be used to scan and locate inventory in-store. It provides retailers with inventory insights, such as planogram data, stock availability data, and out-of-stock alerts. Zippin Retailer Dashboard is a store analytics solution that provides insights on real-time shopping activity, planogram compliance, out-of-stocks, and shopper behavior.In 2022, the company launched Zippin Lane, a checkout-free solution suitable for high-traffic locations like sport arenas, airports, train stations, and busy college campuses. Zippin lanes are designed to fit into long and narrow areas with store sizes starting at 240 sq ft. As of September 2022, the Zippin had deployed over 20 Zippin lanes, including nine locations at NFL venues.Key customers and partnershipsAs of February 2023, Zippin had deployed its technology at 90 store locations (after opening its first demo store in 2019). Zippin’s technology powers supermarkets and convenience stores such as Lojas Americanas (August 2019) in Brazil and Azbuka Vkusa (May 2020) in Russia. As of September 2023 Zippin had 71 checkout free stores at sports venues and stadiums in the US including 1) Golden 1 Center arena (September 2019), 2) Mile High Stadium in Denver (November 2020), 3) Barclays Center (in partnership with American Express; June 2021), 4) Houston's NRG Stadium (in partnership with Aramark; March 2022); and 5) Gainbridge Fieldhouse (October 2022). In 2023, Zippin opened checkout-free stores at multiple NFL stadiums. Zippin also opened a checkout-free store in partnership with the Dallas-based restaurant and entertainment business, Dave &amp; Buster’s (July 2022). In December 2021, the company announced the launch of its first airport store in partnership with JFKIAT, the operator of Terminal 4 at John F. Kennedy International Airport (JFK), and SSP America, an airport foodservice operator. In May 2024, Zippin partnered with the food service company <a href="https://sp-edge.com/updates/29719">Aramark</a> to introduce a frictionless and cashierless store at a theme park in the UK.The Japan-based systems integrator Fujitsu serves as Zippin’s exclusive distributor in Japan (December 2020). Under the partnership, Fujitsu has the authority to deploy Zippin’s technology integrated with Fujitsu’s biometric authentication technology. The two companies initially piloted an automated store at a Lawson convenience store chain in Japan (February 2020). In November 2022, the companies extended the partnership to support UK and Europe deployments.Funding and financialsIn September 2021, Zippin raised USD 30 million in a Series B funding round, to invest in its expansion plan and accelerate innovation specifically with regards to deployment and maintenance.

A booming food and beverage segment with a history as rich and varied as its present-day product offerings

Plant-based Dairy & Egg

<div>
 
 Founded in 2018, New Culture is a startup producing plant-based cheese by replicating the casein protein using precision fermentation technology; the protein is the key element that gives the cheesiness and the melt of conventional animal-derived cheeses. The startup blends the produced casein with water, plant-based fats such as coconut oil, sunflower oil, and canola oil, and other vitamins and minerals to make plant-based mozzarella of the same taste, texture, function, and nutritional value as animal-sourced mozzarella.&nbsp; In
 <a href="https://sp-edge.com/updates/26636">
 
 February 2024
 </a>
 , New Culture received self-affirmed Generally Recognized as Safe (GRAS) certification for its precision fermentation-derived casein, making it the first company to do so.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/18612">
 May 2023
 </a>
 , the company launched its first product&ndash;an animal-free mozzarella&ndash;developed in collaboration with award-winning chef and co-owner of Pizzeria Mozza, Nancy Silverton. According to the company, this product contains dairy-identical casein proteins and is free from lactose and cholesterol, while offering the same versatility as traditional cheese.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/21029">
 August 2023
 </a>
 , New Culture scaled its animal-free casein production platform to produce cheese for 25,000 pizzas in a single run. Further, it achieved an 80% reduction in costs and is targeting price parity with conventional dairy within three years.
 
 
 
 
 Key customers and partnerships
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/12471">
 August 2022
 </a>
 , the company entered into a strategic partnership with leading ingredients manufacturer, Archer Daniels Midland (ADM) for the joint product development and scaling up of its animal-free dairy products, prior to commercialization in the US, slated for 2023.
 
 
 
 
 In 
 <a href="https://sp-edge.com/updates/29414">
 May 2024
 </a>
 , the company partnered with CJ CheilJedang, a global supplier of fermented bioproducts, to lower the production cost of its animal-free casein protein used in making mozzarella cheese.
 
 
 
 
 Funding and financials
 
 
 
 In its latest funding round in November 2021, the startup
 <a href="https://sp-edge.com/updates/6849">
 
 raised USD 25 million
 </a>
 in series A funding co-led by Ahren Innovation Capital and CPT Capital, including other investors. The startup planned to use the funds to expand its team and scale up production ahead of its planned&nbsp; plant-based mozzarella cheese launch. In addition, the company secured an undisclosed investment from Korean conglomerate CJ Cheijedang in 
 <a href="https://sp-edge.com/updates/14280">
 November 2022
 </a>
 .
 
</div>

Joywell Foods is developing the first healthy, protein sweeteners. Derived from exotic plants, protein sweeteners are rare compounds that provide an amazing taste without the calories.

New Culture is a food and beverage company that focuses on revolutionizing how cheese is made. It was founded in 2018 and headquartered in San Francisco, California.

Zippin has developed the next generation of checkout-free technology enabling retailers to quickly deploy frictionless shopping in their stores. Our patent-pending approach uses AI, machine learning and sensor fusion technology to create the best consumer experience: banishing checkout lines and self-scanners for good, and letting shoppers zip in and out with their purchases. Zippin’s platform leverages product and shopper tracking through overhead cameras, as well as smart shelf sensors, for the highest level of accuracy even in crowded stores. Founded by industry veterans from Amazon and SRI with deep backgrounds in retail technology, AI and computer vision, Zippin is headquartered in San Francisco and has raised venture funding from Maven Ventures, Core Ventures Group, Pear Ventures, Expansion VC, and Montage Ventures.  For more information, visit www.getzippin.com.

Outrider is a software company automating logistics hubs with electric, self-driving trucks. The company helps large enterprises improve safety and increase efficiency. Outrider works with logistics-dependent enterprises to eliminate manual tasks that are hazardous and repetitive.

Parsable empowers industrial workers with modern digital tools to improve productivity, quality, and safety. The Parsable Connected Worker Platform transforms static, paper-based procedures into mobile and interactive work instructions, enabling workers to leverage multimedia formats and collaborate in real-time. With Parsable, companies gain unprecedented insight into human work by capturing essential data to improve their operations at scale.

Fabric enables retailers to offer same-day delivery at profitable unit economics, empowering retailers to drive revenue and customer loyalty with a network of micro-fulfillment centers that serve as local inventory hubs, close to end-customers. Leveraging advanced software, robotics, and automation, Fabric’s solution empowers retailers to drastically improve their consumer experience while improving operational efficiency and driving costs down.

Flowhub is a cannabis retail software company that helps modern dispensaries thrive by delivering compliance, point of sale, inventory tracking, and business intelligence data from a single, highly-customizable platform. With first-to-market mobile check-in and inventory management applications, Flowhub processes over one billion dollars in cannabis sales annually, and empowers more than 700 cannabis retailers and their partners to grow revenue, simplify compliance, speed checkouts and manage inventory for improved consumer experiences. Flowhub is a privately held company headquartered in Denver.

GrubMarket is the AI-powered major B2B eCommerce company operating in the American food supply chain industry. Besides being the first mover of building B2B eCommerce, GrubMarket is also the first mover of providing Enterprise AI Solutions to the American food supply chain industry. It is one of the largest private food tech companies in the U.S. and the world.

Evolv Ventures is a $100m venture fund backed by Kraft Heinz to invest in early-stage technology companies disrupting the food industry.The fund leverages the vast network of the 5th largest food and beverage company to be the most value-added investor in the space.  Evolv Ventures is led by a team of startup and venture capital veterans, is 100% financial driven and obsessed with providing strategic advantages to its portfolio.  With a balance of financial independence and deep company integration, Evolv Ventures strives to be the best strategic partner in the industry.

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