Afresh offers AI solutions that give grocers a proper way to manage fresh food orders, inventory, and merchandising. The company plans to use the capital to accelerate bringing its technology to more grocery partners.
FREMONT, CA: Afresh Technologies, a San Francisco, California-based artificial intelligence-powered fresh food optimization platform for grocers, closed $12 million in Series A follow-on round of funding.
The company raised a total amount of $20 million to date. The latest funding round was led by returning investor Innovation Endeavors with active participation from Food Retail Ventures, Impact Engine, Maersk Growth, and existing investor Baseline Ventures.
The company plans to use the capital to accelerate bringing its technology to more grocery partners.
Established by Matt Schwartz, Nathan Fenner, and Volodymyr Kuleshov, Afresh offers AI solutions that give grocers a proper way to manage fresh food orders, inventory, and merchandising. The fresh food (produce, bakery, meat, seafood, food service) optimization company that has developed AI-powered ordering, merchandising, and store operations solutions that reduce food waste, increase food freshness, boost stock turns, and improve grocers' top and bottom lines. Front-line staff on the grocery store floor access applications through an AI-powered app that runs on mobile devices. In collaboration with its multiple U.S. grocery customers, Afresh is already accustomed to ordering billions of dollars of fresh food annually.
"Grocery stores are the cornerstones of our communities. The current pandemic has re-confirmed the critical role grocers play in our lives. More than ever, these businesses need smart, practical ways to keep stores stocked with fresh, nutritious food, to empower frontline workers, and to run operations in a sustainable and profitable way. 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," said Matt Schwartz, CEO and co-founder of Afresh.