Reckon.ai Raises €5.1M to Accelerate Global AI Retail Expansion
Portuguese startup Reckon.ai has successfully secured €5.1 million in a new funding round, bringing its total investment to €8.5 million since its inception in 2017. The funding round saw participation from Iberis Capital, Alea Capital Partners, and Touro Capital Partners. This significant investment is poised to accelerate Reckon.ai’s global expansion and further develop its AI-powered autonomous retail platform.
Reckon.ai specializes in transforming conventional retail infrastructure, such as cabinets, fridges, and shelves, into smart, autonomous points of sale using its patented AI-powered operating system. This technology enables unattended retail operations, offering features like modular payments (card, mobile app, tap-to-pay), real-time inventory tracking, GDPR-compliant privacy, and comprehensive analytics. The company’s vision is to make shopping seamless, intuitive, and accessible by redefining how consumers interact with retail.
The fresh capital will be strategically utilized for several key initiatives. Reckon.ai plans to accelerate its global market expansion, particularly strengthening its presence in strategic European markets and developing its foothold in the United States. The funding will also support continued innovation in autonomous technology, allowing the company to advance its smart cabinet capabilities and expand into new verticals such as pharmaceuticals, cosmetics, and electronics. Furthermore, a portion of the investment will boost research and innovation efforts in Portugal over the next four years, enhancing computing capabilities and expanding the functionalities of their smart cabinets.
Reckon.ai has already demonstrated its market traction, with its technology deployed in over ten markets, including Spain, France, Germany, Belgium, the Netherlands, and the United Kingdom. Their client roster includes major retail names such as Jerónimo Martins (Pingo Doce), Carrefour, Sonae (Continente), IKEA, REWE, Lekkerland, and Petit Forestier. Recent collaborations highlight their momentum, including a partnership with Unilever Ice Cream (now The Magnum Ice Cream Company) for a smart vending rollout and a groundbreaking collaboration in Paris with Accor Hotels’ ibis brands and Carrefour Belgium. The company was also selected for the NRF Retail Big Show as one of the most innovative technologies addressing retail theft.
The investment aligns with the broader industry trend of increasing AI adoption in retail. The automated retail market is experiencing robust growth, projected to reach approximately $28.5 billion in 2025 and an estimated $110.0 billion by 2033, with a compound annual growth rate (CAGR) of 18.5% between 2025 and 2033. Unmanned convenience stores, akin to Reckon.ai’s offerings, are a significant driver of this growth, with the global market for such stores estimated to reach $16.53 billion by 2031, growing at an 18.7% CAGR from 2024 onward. Retail leaders recognize the critical role of AI, with 75% of retailers believing that AI agents will be essential for competition within a year. AI is transforming various aspects of retail, including personalization, inventory and supply chain optimization, customer engagement through chatbots, dynamic pricing strategies, and enhanced fraud detection and security.
The participating investors bring substantial experience to the table. Iberis Capital, founded in 2017, is a leading private equity and venture capital manager in Portugal, with over €600 million in assets under management. Alea Capital Partners, established in 2021, is a Lisbon-based multi-strategy private equity firm focusing on alternative assets, including B2B SaaS, AI, and machine learning companies. Touro Capital Partners, founded in 2020, is an independent management company of private equity funds that invests responsibly in middle-market businesses, with a focus on industrial and related sectors.
This funding round marks a pivotal moment for Reckon.ai, positioning the Portuguese startup to capitalize on the burgeoning autonomous retail market and solidify its position as a key innovator in the future of unattended shopping.