Afresh Raises $115 Million To Keep Food Fresh With AI
Afresh has raised $115 million in a Series B funding round announced today, aiming to reduce food waste across the US with an AI-powered solution.
Created on August 4|Last edited on August 4
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With reportedly 40% of all food in the US doomed to get thrown out, there's a clear issue of food use going on. A large amount of food waste comes from supermarkets and grocery stores getting rid of spoiled and past-due foods, including a large amount of quickly perishing foods like vegetables and meats.
Afresh sees this issue and wants to take control of it, using artificial intelligence. They offer a platform to ensure that stores stock the right amount of food from the right sources, so that the least amount of it has to get thrown out due to spoiling. Powered by machine learning models, storage and shipment data is processed to ensure optimal decisions for food handling and purchase.
Who's funding Afresh and where's the money going?
Afresh has announced a Series B funding round of a large $115 million sum. The funding round was led by Spark Capital, with addition participation from Bright Pixel, HighSage Ventures, Innovation Endeavors, Insight Partners, Maersk Growth, VMG Partners, and Walter Robb.
With the money, Afresh plans to continue the development of their platform to support new food categories like meat and bakery. Additionally, they intend to serve 10% of US grocery stores by the end of 2022. They will also be working to expand their team.
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