SAN FRANCISCO - Artificial intelligence-powered fresh food optimization platform Afresh Technologies has secured $12 million that will accelerate the company’s technology for grocery partners.
Afresh's AI solutions give grocers an easier and more accurate way to manage fresh food orders, inventory, and merchandising. Grocers using Afresh have seen an increase in fresh food sales by 3%, reduction of in-store food waste by up to 50%, and an increase of fresh gross margin by 4%.
This funding round, which brings the company's total amount raised to $20 million, was led by returning investor Innovation Endeavors with participation from Food Retail Ventures, Maersk Growth, Impact Engine, and existing investor Baseline Ventures.
"Grocery stores are the cornerstones of our communities,” said Matt Schwartz, CEO and co-founder of Afresh. “The current pandemic has re-confirmed the critical role grocers play in our lives. Our technologies make it easier for grocers to manage all aspects of their fresh departments, and, in doing so, dramatically expand their profitability by preventing millions and millions of pounds of food waste. We're excited to use this new funding to bring Afresh to more grocers across the country and around the world."
According to the company, Afresh is the only modern fresh food (produce, meat, seafood, bakery, foodservice) optimization company that has developed AI-powered merchandising, ordering, and store operations solutions that significantly reduce food waste, increase food freshness, accelerate stock turns, and improve grocers' top and bottom lines.