Central regions | Retail, FMCG | Finance, business
Moscow buys into retail tech start-up
5 Jun '20
Focus, a young company behind an interesting software solution for retail chains, raised $260,000+ from a Moscow City Government owned VC arm called Moscow Seed Fund.
Focus offers an off-the-shelf integrable solution that automatically collects sales and buyers’ numbers data. At the heart of the approach are video analytics and Wi-Fi analytics technologies enabling recommendations for shopping malls and retail chains on how to boost revenue.
What started out in 2016 as an entry-level idea evolved by 2020 into a mature enough product currently used by Focus’ 150+ corporate customers, which include some of the international majors (Ceetrus, Atrium, Heines, Tom Tailor, Levi’s) and leading Russian players (Fort Group, TPS, Tervolina, Black Star).
According to Focus CEO Natalia Knyazeva, the new Moscow Seed Fund investment will be “used to put together an expansion to new regions and to further develop the product line by adding ML/AI based decision-making algorithms.”
Focus has plans to make inroads into the Middle Eastern, Southeast Asian and South American retail markets.