Investing in the Future of Retail with Miguel Bagulho

AI is making it easier than ever to build new technology, but also harder to identify which companies have real long-term potential. So, how do venture capital investors decide which retail technology startups are worth betting on? In this episode of OFFBounds, I speak with Miguel Bagulho, Investment Director for Retail Technology at Bright Pixel Capital, the technology investment arm of Sonae, Portugal’s largest retailer. We discuss how Bright Pixel evaluates retail tech companies, what creates a defensible advantage in the age of AI, and why solving a measurable business problem matters more than the technology itself. We also explore the build-versus-buy dilemma facing retailers, how startups can stand out when pitching their solutions, and where Miguel sees the biggest opportunities ahead, including AI-native software, robotics, physical AI, inventory management, pricing, procurement, and supply chain technology. Subscribe to OFFBounds for more conversations with the leaders, investors, and innovators shaping the future of retail and commerce. #RetailTechnology #VentureCapital #RetailInnovation #AIinRetail #RetailTech #OFFBounds 0:00 The Evolving Landscape of Retail Technology 1:00 Understanding the Sonai Retail Ecosystem 2:00 The Mission Behind Bright Pixel 4:37 Criteria for Evaluating Retail Tech Startups 11:55 Navigating Retailer Hesitation and FOBO 18:54 The Future of Physical AI and Robotics