Overfunding: Checkout Automation Fintech Magnetto Secures Nearly £180K via Crowdcube from 157 Investors

The team at Magnetto, which aims to challenge the traditional retail model by automating the checkout process, has raised £179,651 of its £150,000 target from 157 investors via Crowdcube.

Magnetto reports a £2,367,720 pre-money valuation, a 7.05% equity, and a £0.90 share price. The company notes that you may want to imagine never queuing again as Magnetto is challenging the traditional model by automating the checkout process so no more waiting lines.

The company intends to eliminate the need for physical checkouts. Having built the MVP, Magnetto is now raising capital in order to develop new features, grow their professional team and acquire more clients.

Here are some key highlights shared by Magnetto:

  • Nominated for an Award at London’s Smart Retail Tech Expo
  • Founder has achieved previous successful exit
  • 3 customers operate 294 supermarkets, 2 of these now commencing commercial rollout
  • 32.9% would shop more often with Scan & Go and 27.5% would spend more

The company clarified that they’re not able to accept investment from residents of Ukraine “for this investment opportunity.”

Mangetto lets you find products and add them to your shopping basket, the company explains while noting that you may access prices, promotions and other product information from the platform. You can also create shopping lists and use Click & Collect feature while at home. This allows you to skip the queue.

It’s easy with Magnetto to check out and pay through the app.

As noted by the firm:

“So much innovation in retail has been focused on online shopping, but we feel retail stores are being left behind. Our founders decided to start Magnetto with the purpose of bringing innovation to traditional retail.”

While sharing what’s included with the platform, the company revealed:

  • shoppers scan & pay for goods with smartphones and then skip queues using smart gates
  • eliminate expensive hardware within stores
  • loyalty schemes
  • data analytics tools
  • indoor navigation with product locators & more.

Magnetto’s management also shared:

“2 years of development, testing and piloting has been completed and our MVP is now live. Commercial roll out has begun and we’re planning to develop fully automated stores for one customer with our hardware partner Modern Expo.”

They added that they charge retailers engineering fees, a monthly subscription fee and commissions on every transaction. Their research and development “takes place in Kiev helping keep our costs competitive.”

As noted by Magnetto, the retail automation market size is “projected to reach $23.58bn by 2026, growing at an average CAGR of 9.6%, so we are positioned in an expanding market led by few companies.”

As mentioned in the update from the company:

“Adoption is growing. Sainsbury’s SmartShop processed up to 37% of sales in 2020, Amazon is testing automated stores, but our opinion is that both still rely on expensive hardware that Magnetto aims to eliminate. We welcome you to become a part of our community, to help us on our journey to develop additional features/services and to grow the team, sales & marketing.”

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