Afresh Technology, a software company helping grocery stores reduce food waste, has raised $115 million in funding in a Series B investment round, reports Bloomberg.
The round was led by investment firm Spark Capital, garnering support from figures like the Walter Robb, former co-chief executive officer of Whole Foods. With this funding, the company has reached a total of $148 million.
Afresh notes that it can help its customers reduce waste by 25 percent or more, improving profitability for grocers at a time when food prices are on the rise. The software works by allowing retailers to view their inventory through Afresh’s interface, which also provides data-driven forecasts of what consumers want to buy.
To date, the company has partnered with over 3,000 stores across 40 states in the U.S., including big box stores like Albertsons and Save Mart. The company will use the funding to continue to fuel domestic expansion with the goal of partnering with 10 percent of supermarkets in the country by the end of this year. Full Story
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