Afresh raises $115m in Series B funding round

US fresh food technology provider, Afresh, has raised $115 million in a Series B funding round led by Spark Capital.

The round included participation from Insight Partners, VMG Partners and Bright Pixel Capital, with additional contributions from Walter Robb, senior executive partner at S2G Ventures and former co-CEO of Whole Foods Market, and other existing investors.

The capital will help to expand Afresh’s Fresh Operating System – a solution for forecasting, inventory, ordering and store operations – to support new fresh categories, including meat and bakery. The funds will also be used to expand the company’s operations to Europe and grow its team.

Matt Schwartz, co-founder and CEO of Afresh, said: “Food, more so than anything else, shapes the health of people and our planet. We founded Afresh with the purpose of eliminating food waste and making nutritious food more accessible. We’re thrilled to use this capital to expand the scale and scope of our Fresh Operating System.”

Afresh says that it tripled its customer base last year, signing both regional and national chains such as CUB and Albertsons. The company aims to serve 10% of US grocery stores by the end of 2022. According to Afresh, stores using its technology reduce food waste by 25% or more on average, and also see a 2-4% increase in top-line revenue growth.

Will Reed, general partner at Spark Capital, stated: “The transformative results that Afresh provides are not only seen in grocers’ bottom lines but also extend to the impact on our planet through the reduction of food waste. We’re proud to support Afresh through their next stage of growth as they continue on their mission to curb climate change and improve our ability to feed the world in healthy ways.”