Magnetto

Summary

Imagine never queuing again. Magnetto is challenging the traditional retail model by automating the checkout process (no more queues) and aims to eliminate the need for physical checkouts. Having built the MVP, Magnetto is now fundraising to develop new features, grow the team & acquire more customers.

• 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

Idea

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.

What's included:

• 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.

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.

We charge retailers engineering fees, a monthly subscription fee and commissions on each transaction. Our R&D takes place in Kiev helping keep our costs competitive.

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.

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.

Team

Magnetto has a team of 13 and growing!

Denis Yedin, MD & Co-Founder:

Uni: Economics & International Business Management

Co-founded & managed businesses, experienced in strategic & financial management & data analytics within the private equity industry.

Co-founded 2 EIS-qualified diamond wholesale companies (1 exit 2019)

Director of an investment management & private equity business

Head of finance for an established bitcoin brokerage in the UK

Roman Starikov, CTO & Co-Founder:

Uni: Applied Mathematics & Computer Science at university before co-founding a number of tech companies working with fintechs

CTO of Mobipay who served Vodafone Ukraine & Finnovate Studio

Co-founder IT outsourcing & software distribution company operating in Ukraine & China

Co-founder & director of Technoport (ticket aggregator)

Co-founder of a Canadian system integrator company

Aleksey Korshevnyuk, Lead Backend Dev:

Developed software architecture for retailers such as Rozetka

Elena Bartysh, Senior Backend Dev:

Software Dev for StarWind

Kiryl Mashkantsev, Lead Mobile Dev:

Software engineer for a taxi platform in Minsk. Senior Developer in HYPERVSN.

Arkadii Nemtinov, Systems & Business Analyst:

Business Analyst for Softengi Ukraine. Support Team Lead for A5 Systems.