Kiwibot, a robotic last-mile delivery service that has completed over 250,000 food deliveries with robots, has agreed what it describes as a “tailor-made” $10 million financing partnership with asset financing group kineo finance.
The agreement will help Kiwibot with its manufacturing and scaling needs, growing its robotic fleet and disrupting the delivery-as-a-service (DaaS) industry.
By removing the working capital barrier, this partnership will accelerate Kiwibot’s growth in the DaaS industry. kineo finance provides smart asset financing for startups while limiting dilution, so they can focus on growing the business.
The financing group aspires to build lasting mutually beneficial alliances with the companies they support and partner with them in the long run.
Kiwibot’s on-demand delivery service is already available via apps like Grubhub and Sodexo’s Everyday.
The robots’ high-driving capabilities, made possible by GPS technology, advanced camera sensors, and artificial intelligence (AI), mean they can generate optimal routes, avoid obstacles, and provide a cost-effective service.
Kiwibot says it reduces food delivery costs by up to 65 percent.
The partnership is monumental because it is kineo’s first involvement in the DaaS industry and a notable use case for their portfolio of high-tech companies from the medical, logistics, and Internet of Things (IoT) sectors.
While the funding scene in the robotics industry has taken a few tumbles, this first-of-its-kind financing deal sets a precedent for other startups: They must consider alternatives to venture lending and venture capital funding.
Felipe Chávez, CEO and co-founder of Kiwibot, says: “This partnership will take our operations to the next level.
“We’ll be closer to becoming the standard solution for smart cities that leverage sustainable technology to enhance people’s quality of life. We’re pleased to be backed by companies who believe in building accessible and convenient robotics services.
“We envision a world where technology, logistics, and delivery are available for everyone. Kiwibot’s near future looks bright, and we are ready to offer our exceptional delivery services globally.”
Charles Sellman, president at kineo Finance, says: “Kiwibot’s solution is in high demand in the US and has become indispensable for people leading fast-paced lives. This partnership is the financial push they need to propel their startup into wider markets.
“At kineo, our goal is to encourage automation and digitalization initiatives in various industries to drive the adoption of high-tech companies’ equipment.
“Kiwibot’s growth in the DaaS sector meant it was a logical choice for us to support its robotic deliveries helping businesses today—and for the future.”