Baltic startups to receive 700,000 euros from X5 Retail Group - GoTech Innovation Baltic startups to receive 700,000 euros from X5 Retail Group - GoTech Innovation

Baltic startups to receive 700,000 euros from X5 Retail Group

X5 Retail Group, leading Russian food retailer (LSE and MOEX ticker: “FIVE”), has launched the review process of technological startups from Estonia, Latvia and Lithuania to implement their solutions at the corporation’s own retail chains. The best companies will be given access to the infrastructure resources and expertise of the country’s largest retailer as well as an opportunity to implement a pilot project with a budget of up to 700,000 euros.

The first stage of the competition envisions a pitch session with 15 startups that will take place in real time. The selection process is open to startups that develop solutions using Computer Vision, The Internet of Things (IoT), Robotics, AR/VR, Blockchain and other technologies. The applications are accepted online until August 2.

The corporation is especially interested in the instruments that are capable of automating and improving effectiveness of the operational business processes at the stores, logistical infrastructure (transportation, warehouses), retailer’s back office, as well as the solutions that help to improve client experience and increase the customers’ loyalty both offline and online.

Based on the results of the application stage, 15 startups will be invited for negotiations as part of the pitch session with X5 experts. The pitch session will take place in August 2019. Pilot project scenarios will be developed with the companies that conform to the corporation’s requirements, and deadlines and KPIs will be set. This will provide the startups with an opportunity to implement their projects at 15,000 stores and 40 distribution centers at 65 regions of X5’s presence in Russia.

“X5 Retail Group is actively searching for and implementing new technologies. We believe that innovations define the future of retail. X5 Lab was established to simplify implementation and scaling of new technologies into the company’s business processes. Over two years of the lab’s work, we have carried out more than 100 projects with startups. We believe that the new selection process will help us to attract promising technological companies not just from Russia, but also from Estonia, Latvia, Lithuania,” says Denis Levchenko, head of innovation management at X5 Retail Group.

Such selection processes will also take place in Russia, Ukraine, Belarus, Kazakhstan and other countries. The first round of project selection is being held until August 2, 2019 in Estonia, Latvia and Lithuania. To submit application and learn all the details, please visit The selection process is run by GoTech Innovation.

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X5 Retail Group N.V. (LSE and MOEX: FIVE, Fitch – ‘BB+’, Moody’s – ‘Ba1’, S&P – ‘BB’, RAEX – ‘ruAA’) is a leading Russian food retailer. The Company operates several retail formats: the chain of proximity stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand and the hypermarket chain under the Karusel brand. As of 30 June 2019, X5 had 15,260 Company-operated stores. It has the leading market position in both Moscow and St Petersburg and a significant presence in the European part of Russia. Its store base includes 14,385 Pyaterochka proximity stores, 785 Perekrestok supermarkets and 90 Karusel hypermarkets. The Company operates 42 DCs and 3,952 Company-owned trucks across the Russian Federation. For the full year 2018, revenue totalled RUB 1,532,537 mln (USD 24,439 mln), Adjusted EBITDA reached RUB 109,871 mln (USD 1,752 mln), and net profit for the period amounted to RUB 28,642 mln (USD 457 mln). In Q1 2019, revenue totalled RUB 405,864 mln (USD 6,138 mln), adjusted EBITDA reached RUB 29,473 mln (USD 446 mln), and net profit amounted to RUB 9,297 mln (USD 141 mln). X5’s Shareholder structure is as follows: CTF Holdings S.A. – 47.86%, Intertrust Trustees Ltd (Axon Trust) – 11.43%, X5 Directors – 0.08%, treasury shares – 0.01%, Shareholders with less than 3% – 40.62%.

GoTech Innovation has been providing services to corporations on the selection of technological projects and working with them since 2009. Key competencies: startups and technology scouting, acceleration and tracking of innovative projects, creation and implementation of corporate programs and events for working with turnkey startups. For the last 10 years our team has been conducting the largest independent competition and technological projects GoTech forum in Russia and Eastern Europe GoTech Arena. There are more than 6500 startups in our pipeline and in our portfolio there are joint startup programs with partners in Russia, Belarus, Finland, the Baltic States, France, Austria and Latin America.

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