UK-based Handshake has secured $3.2m in funding to expand its AI-powered retail agreement platform for managing retail commercial agreements.
The funding round was led by Triple Point Ventures, with participation from Future Back Ventures by Bain & Company, Octopus Ventures and other retail technology investors.
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Handshake said the proceeds will support faster product development, the expansion of its engineering and customer success teams, and the strengthening of partnerships with retailers and suppliers.
The company offers an AI-powered platform that enables retailers, wholesalers and suppliers to create, manage and execute commercial agreements through a unified system.
It said the platform is designed to replace disconnected processes that often rely on spreadsheets, email correspondence, siloed systems and informal arrangements.
According to Handshake, commercial agreements that underpin the global retail sector are still frequently managed through fragmented processes, while fewer than 50% of suppliers have written agreements with the retailers they serve.
The company said the retail industry is operating in an increasingly challenging environment marked by inflation, cost volatility, tighter margins, more complex supplier relationships and growing compliance demands.
In its statement, the company said: “Handshake is a fundamental reimagining of how retailers and suppliers work together, and there’s never been a better moment to bring this to the sector.”
Handshake said its team combines expertise in retail operations, enterprise technology and AI product development to build a platform focused on commercial agreement management across the retail sector.
The company added that the platform is intended to improve transparency, accountability and data-driven oversight of commercial agreements for retailers and suppliers.
Handshake co-founder and CEO Alex Lindsay said: “Technology has transformed almost every corner of retail over the past decade, but retail buying still runs largely on spreadsheets, disconnected systems, and anecdotal memory.”
