Bespot raises 1M € to transform the Retail Industry with Location Intelligence solutions

Bespot secured one million euros funding, with Uni.Fund following on as the main investor.  Bespot is an AI and analytics-enabled company that develops deep location intelligence solutions for the retail and hospitality industries, satisfying the needs of both small stores, larger facilities, and public organizations.

Bespot platform enables businesses to access live statistics for their physical stores, outdoor locations, activities, and consumer preferences. This way it facilitates retailers in better understanding their visitors by exploiting data from third party sources.

The new venture round will accelerate the company’s growth and support its plan to expand its operations in Ireland, Italy, Morocco, and the US over the next two years.

In addition, bespot solutions now include the Shopmind customer analytics platform, which has users among leading retail companies in the field of electronics, fashion, and fast-moving consumer goods, in Greece and Europe.

Leon Gavalas, the company’s co-founder, states: “In the last two years we managed to develop significant know-how and create world-class deep tech solutions that utilize location data and support retail digital transformation. Within 2021, our solutions will enhance the shopping experience, by providing personalized digital services, Augmented Reality experiences and useful location insights about 10.000 retail stores “.

Konstantinos Lafkas, Partner of Uni.Fund, states: “Constantly investing in its team and technology, bespot has managed to develop solutions that meet emerging needs of the retail industry. The company’s growth is impressively achieved through strategic agreements with leading companies. We are impressed by the team’s performance and results so far, and we look forward to seeing bespot leading the market “.

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Location Intelligence services by bespot, Uni.Fund’s new portfolio company

Uni.Fund’s new investment in bespot was announced during the 10th annual conference of IELKA (the Research Institute of Retail Consumer Goods), that took place on 10 October 2019. Bespot operates at the location intelligence industry, offering an innovative approach in market research, and was selected among other leading retail innovators of RISE awards to present at the conference.

Bespot transforms a walk around the city to a scavenger hunt: using bespot free mobile application (bespot app for android & iOS), consumers can discover and win rewards at the places they visit; in addition, by sharing their opinion, they collect points that can be instantly redeemed in gift vouchers.

Bespot application increases stores’ foot traffic; at the same time, bespot insight platform for businesses, enables companies to access live statistics regarding their physical stores, other shops, specific activities and consumer preferences. Bespot currently collects and shares insights from more than 2,000 spots all over Greece (including fashion, electronics and food retail stores). Bespot insights, combined with existing company data, support informed business decisions through deep understanding of existing and potential customers’ needs and preferences.

Bespot’s co-founders -Leon Gavalas, Anastasia Griva and Konstantinos Dimitros- have significant research and business experience in the areas of retail analytics and location-based services. Their goal is to penetrate the location intelligence market, estimated to reach $25B by 2025.

As Leon Gavalas states, “Uni.fund’s investment will accelerate the development of new features in our platform that will enhance the insights’ quality and support small businesses from various sectors with the use of automated tools.”

Bespot has received awards by the Latsis Foundation (VivaNest) and The Athens International Airport (The Digital Gate); a few months ago, the company was also distinguished in the Ignite Ideas Initiative of Nestlé Hellas and in Lamda Development’s RETECH Innovation Challenge.