- General
- October 5, 2020
- 4 minutes read
Cooler Screens Scores $80 Million Round
Photo credit: Cooler Screens Cooler Screens, a Chicago-based startup that makes interactive digital displays used in place of glass doors at in-store…
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| Photo credit: Cooler Screens |
Cooler Screens, a Chicago-based startup that makes interactive digital displays used in place of glass doors at in-store cooler aisles, has announced that it’s raised $80 million in Series C financing from a group of investors including Verizon Ventures, Microsoft’s M12, and GreatPoint Ventures. The well-known Silicon Valley Bank also participated in the new round in the form of debt financing for Cooler Screens. With the new funding, Cooler Screens, which was founded just two years ago, has now raised more than $100 million in funding since its inception. The company says it’ll use its new capital to support a rollout to several retailers, with its obtainment coming on the heels of a partnership with pharmacy retail chain Walgreens.
Cooler Screens makes digital interactive displays used in place of conventional glass doors on cooler aisles in retail stores, as demonstrated in the above picture. The aim of replacing traditional glass doors with electronic screens is to cater to better digital interactivity with customers, who are able to access information about products on-the-go using such screens. There’s also the realm of advertising in which digital displays come in handy.
Cooler Screens has already secured a partnership with Walgreens that’ll see it set up its digital displays across 2,500 Walgreens stores in the US. The company is also working with retailers like Kroger and GetGo to roll out its products. Cooler Screens’ product is particularly utilized by consumer-packaged-goods brands which typically adopt retail stores and outlets as a major sales stream.
Cooler Screens was co-founded by and is led by CEO Arsen Avakian, who previously co-founded Argo Tea, a popular chain of tea cafes with dozens of locations both in the US and abroad.
