Total amount raised
$391.7 Millions
Latest funding date
08/01/2022
Location
Afresh has successfully raised significant funding over multiple rounds, positioning itself as a key player in the grocery retail technology sector. The platform leverages advanced machine learning to optimize fresh food supply chains, offering a transformative solution for retailers.
Keep reading to explore the intricacies of Afresh's fundraising journey and the investors backing this innovative platform.
What Is Afresh?
Afresh, founded in 2017, is a technology company based in San Francisco, California. The company was established by Matt Schwartz, Nathan Fenner, and Volodymyr Kuleshov.
Afresh specializes in providing advanced machine learning solutions to optimize fresh food supply chains for grocery retailers. Their platform aims to increase sales, reduce waste, and improve labor efficiency.
With a growing team of over 100 employees, Afresh continues to innovate in the grocery retail technology sector, helping retailers manage their fresh food categories more effectively.
How Much Funding Has Afresh Raised?
- Series A Follow-on Round
- Amount Raised: $12 million
- Date: July 20, 2020
- Lead Investors: Innovation Endeavors
- Motivation Behind the Round: To help grocery retailers manage fresh food inventories more effectively, especially in light of the challenges posed by the COVID-19 pandemic.
- Latest Funding Round
- Amount Raised: $13 million extension
- Date: November 19, 2020 (implied by the article date)
- Lead Investors: Food Retail Ventures
- Valuation at Round: $100 million
- Motivation Behind the Round: To accelerate growth and the mission of reducing food waste while making fresh, nutritious food accessible to all.
- Series B Funding Round
- Amount Raised: $115 million
- Date: August 4, 2022
- Lead Investors: Spark Capital
- Motivation Behind the Round: To scale operations across thousands more stores, expand the Fresh Operating System to new categories like meat and bakery, grow the team, and expand internationally to Europe.
Total Amount Raised: $140 million
Current Valuation: $100 million
Key Investors
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups across various stages. They have a strong presence in the technology and media sectors.
- Investment Focus Areas: Technology, media, consumer products
- Notable Investments: Twitter, Slack, Oculus
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm. They focus on growth-stage technology and software companies.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: Shopify, Twitter, DocuSign
- VMG Partners
- Details: VMG Partners is a private equity firm specializing in building iconic consumer brands. They focus on partnering with entrepreneurs and management teams.
- Investment Focus Areas: Consumer products, food and beverage, wellness
- Notable Investments: KIND Snacks, Quest Nutrition, Daily Harvest
- Maersk Growth
- Details: Maersk Growth is the corporate venture arm of A.P. Moller-Maersk. They invest in startups that can transform the transport and logistics industry.
- Investment Focus Areas: Supply chain, logistics, transportation
- Notable Investments: Loadsmart, Forto, Onfleet
- Innovation Endeavors
- Details: Innovation Endeavors is a venture capital firm that invests in startups using emerging technologies to solve big problems. They are known for their transformative investments.
- Investment Focus Areas: Technology, artificial intelligence, healthcare
- Notable Investments: SoFi, Uber, Plenty
What's Next for Afresh?
Afresh is poised to capitalize on significant opportunities, including scaling operations across thousands of stores and expanding its Fresh Operating System to new categories like meat and bakery. With a $115 million Series B funding round, the company is well-positioned to grow its team and enter international markets, particularly Europe. The increasing use of AI in the fresh food sector and a focus on reducing food waste present substantial growth potential.
Future fundraising opportunities seem likely as Afresh continues to attract interest from industry veterans and tech investors. However, challenges such as efficiently scaling operations, managing international expansion, and maintaining the effectiveness of their technology will need to be navigated carefully. The company's ability to adapt to these challenges will be crucial for sustained growth and success.
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