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Platma, a business automation platform, raised $1.85 million in seed funding to help small e-commerce businesses digitize their back-end operations, its co-founders tell Kimberly exclusively.

Why it matters: Hiring developers can be costly for small businesses, and platforms like Platma can help businesses maximize their resources.

Zoom in: The round was led by Almaz Capital, with Most Ventures and Activat VC participating.

How it works: Platma works with small businesses to create tailored software that helps them automate their back-office processes, say co-founders, Yaroslav Kologryvov and Maksym Prokhorov.

Its no-code platform uses written commands in everyday language — leveraging natural language processing — to turn a business' vision into ready-to-use software tools.

"With our platform, you don't have to increase your experience in [the programming] field. You don't have to have any middleman who will support you," Kologryvov says.

Platma's goal is to allow businesses to focus on their business and reduce their reliance on a costly team of developers, he adds.

Case in point: Platma could create a chatbot or a QR code for customers in a particular region.

"When the business is digitalized, that means that we can build scenarios and Platma can give any suggestion to increase efficiency," Kologryvov says.

The company also works across various platforms, including Wix, Shopify, Facebook and Instagram.

By the numbers: The company has reached $1.5 million in annual recurring revenue, and projects that to grow by 700% over the next six months.

What's next: The company targets raising a $10 million round later this year.

The company hopes to incorporate more third-party data into its models, such as logistics availability, government policies, or social media.

For example, users can analyze raw material costs, product availability across numerous suppliers, or how legislation could affect parts of their business.

Kologryvov hopes Platma's platform will be the next standard operating system for businesses.

1 big thing: Platma raises $1.85M to support small biz

World Emblem, a family-owned producer of patches and emblems for uniforms, is in the process of raising money, CEO Randy Carr tells Richard exclusively.

Why it's the BFD: The capital will help finance a strategic acquisition, he says.

Zoom in: World Emblem is conducting due diligence on a prospective target and hopes to have a deal in place by August, Carr says.

He declined to discuss the amount of money being raised or disclose further details on the acquisition target.

The Carr family maintains full ownership. 

Catch up quick: World Emblem, referred to as the world's largest maker of emblems or patches, located most of its production in Mexico, Carr says.

Because most of its business is either on-demand or custom, it needed to near-shore manufacturing.

Yes, but: Carr says he is concerned about inflation in Mexico and the possibility of tariff hikes depending on the election outcome.

How it works: Alongside producing emblems and patches, World Emblem makes other product-identifying products such as tags and stickers.

Flashback: Randy and his brother Jamie founded World Emblem with their dad in 1993, with one machine and two employees in the Miami area. Their dad's business closed in 1988.

The big picture: The Ft. Lauderdale-based company is notching year-over-year growth as hiring in the U.S. remains strong.

By the numbers: As of last year, the company was manufacturing and shipping 250 million emblems per year and had 1 million square feet of manufacturing space and more than 1,000 employees.

Embroidered emblems — which are for the military, fashion, sports and workwear — make up about half of sales.

"World Emblem had its best month in the history of the business in May, including very strong uniform orders," he adds.

Caveat: "The election of Claudia Sheinbaum as president of Mexico has raised some economic concerns regarding the new administration — the peso showed signs of weakening against the US dollar and then stabilized," Carr notes.

2. The BFD: World Emblem raising funds for acquisition

Illustration of a knitted texture with a dollar sign pattern.

✨ Walgreens Boots Alliance (Nasdaq: WBA) is no longer gearing up for an IPO for Boots, per Bloomberg.

The company is exploring other options for the British drugstore chain, including engaging in informal talks with prospective buyers.

A sale could value the Boots business at about £7 billion, Bloomberg reports, citing sources.

🛒 Walmart executive Dan Bartlett says the IPO of Flipkart and PhonePe could be a few years out, Reuters reports.

PhonePe's IPO would likely go ahead of Flipkart, but certain processes need to be "put in place" before the companies go public,  Bartlett says.

Both companies in India could be $100 billion businesses, Walmart's CEO said last year.

🛍️ Express, the apparel retailer backed by WHP Global, is close to being acquired by its landlords, Brookfield and Simon Property Group.

The real estate heavyweights put up a stalking horse bid of about $160 million in cash and $38 million in assumed liabilities.

The transaction, which would be similar to J.C. Penney's deal, would include UpWest and Bonobos, which WHP acquired last year from Walmart.

The U.S. Bankruptcy Court for the District of Delaware allowed the bidding to proceed.

Express filed for Chapter 11 bankruptcy in April.

⚠️  Shein's road to IPO is hitting some roadblocks again, with criticism growing from Europe's retail industry and lawmakers.

European fabric, clothes, leather goods and shoes manufacturers are calling on EU policymakers to protect jobs from low-cost products from China that are pouring into the market.

⚖️ Rubio's Restaurants filed for Chapter 11 bankruptcy, the second time in less than four years.

Lender TREW Capital Management will provide debtor-in-possession financing and will act as the stalking horse bidder in a court-supervised sale of the chain.

Falling in-store traffic coupled with rising food, utility and labor costs have put many restaurant chains in a bind. Red Lobster filed for bankruptcy protection last month.

BurgerFi International said it is exploring strategic alternatives as it contends with liquidity challenges.

🛋️ Kirkland's, the home decor and furnishing retailer, continues to be pressured by its e-commerce business.

The company said it plans to realign its product assortment and focus on floral, decor and gifts.

Last month, Kirkland's hired investment bank Consensus as its financial adviser to look into strategic opportunities.

3. Retail therapy

an illustration of a hand in a meditative pose holding four orange shopping bags

Want more retail deals? Go deeper into our full database in the Axios Pro Deals Tracker.

• Prolific Machines, a protein cell production tech startup that uses light, raised $55m in Series B funding. Fonterra Co-operative Group's VC arm led, and was joined by Breakthrough Energy Ventures, Mayfield, SOSV, Shorewind Capital, Darco Capital, Conti Ventures, and In-Q-Tel. axios.link/3KtjolM

🌎 Qargo, a London trucking industry decarbonization startup, raised £11m in Series A funding, led by Balderton Capital. axios.link/3KwPGw5

• Dealt, a French retail delivery and installation SaaS provider, raised €6m in Series A funding. La Poste Ventures and GO Capital co-led, and were joined by One Green and Holnest. axios.link/3VvP5B2

• New Era Cap, a Buffalo, N.Y.-based lifestyle brand backed by Acon Investments, agreed to buy '47, a sports lifestyle brand. axios.link/3VxYkRw

🐶 New Ruipeng Pet Group, a chain of around 1,900 veterinary hospitals in China, withdrew plans to go public on the Nasdaq. Backers include Hillhouse Capital. axios.link/3VtOjES

4. Retail transactions

• Preston Parker joined Alvarez & Marsal as a managing director and head of a new corporate transactions group. He previously was with KPMG. axios.link/4ccTWwN

• Karim Sadik-Khan, who was most recently CFO of Beam Suntory North America, was named CFO of Liquid Death. axios.link/3yVsFk0

5. It's Personnel

💸 Situational awareness: A new bidder has emerged for Vista Outdoor's ammunition business, challenging an existing deal with a Czech arms company. 

What we're doing: Richard has been watching "Dark Matter" on Apple TV+, a man's trippy journey into the multiverse that explores issues such as regret and how life might have been different had another path been chosen.

✏️ Many thanks to newsletter editor Claire Rychlewski and copy editor Mickey Meece for today's edits.

🙏 Thank you for reading Retail Deals! Please ask your colleagues, friends and family to sign up.

June 10, 2024

1 big thing: Platma raises $1.85M to support small biz