Storewise, a provider of retail automation software for independent grocers, has revealed a majority investment from private equity firm Nexa Equity LLC. Storewise’s existing management team will continue to lead the business. Financial terms of the transaction were not disclosed.
Storewise’s software platform enables grocery operators to streamline operations such as price optimization, supply chain and risk management. Automating and optimizing business processes has become critical for independent grocery store operators to be competitive with big-box retailers.
[Read more: “Storewise, Truno Partner to Offer Operational Control for Independent Grocers”]
The company plans to use Nexa’s investment to further support its customer base, develop new products and accelerate go-to-market efforts. Storewise and Nexa Equity will partner closely to implement software best practices and execute strategic acquisitions to bolster the functionality of the software platform.
“We’re dedicated to supporting an industry critical to our nation’s economy by building a unified software platform that helps independent grocers operate more profitably and efficiently,” said Christopher Greco, president and CEO of Overland Park, Kan.-based Storewise. “We’re excited to have found a likeminded growth partner in Nexa Equity that shares our core values and will help accelerate our vision. The pace at which Storewise is being adopted and the positive results grocers are experiencing let us know that we’re on the right track.”
Storewise is rapidly expanding and currently serves more than 700 stores.
Vlad Besprozvany, founder and managing partner of San Francisco-based Nexa, noted: “We are thrilled to back Chris and the Storewise team to drive transformation in the independent grocery industry. We’ve been thoroughly impressed by what the Storewise team has built to date and believe that by further investing in product development and strategic M&A, Storewise will be even better positioned to deliver value to independent grocers.”
Storewise is Nexa’s fifth platform investment.