Afresh, the AI-powered fresh food technology provider, has raised $115 million in a Series B VC funding round led by Spark Capital.
There was participation from Insight Partners, VMG Partners, and Bright Pixel Capital. Walter Robb, senior executive partner at S2G Ventures and former co-CEO of Whole Foods Market also joins the round. All prior investors, including Maersk Growth, High Sage, and Innovation Endeavors also participated in the round.
Afresh has raised $148 million to date.
Afresh will use the investment to expand the footprint of its Fresh Operating System, a solution for forecasting, inventory, ordering, and store operations, to support new fresh categories like meat and bakery. Afresh will also the VC funding to grow Afresh’s team and expand internationally to Europe.
Afresh tripled its customer base in 2021. It signed regional chains like CUB and national chains like Albertsons, with plans to roll out to more than 2,300 Albertsons stores by the end of 2022. On average, stores using Afresh reduce food waste by 25 percent or more. They also see a 2-4 percent increase in top-line revenue growth and have a 40 percent or more increase to their produce operating margin.