AI-powered technology firm, Spoon Guru, has secured an investment in excess of AUD 4 million ($2.9 million approx.) from Australian retailer Woolworths Group.
Founded in 2015, Spoon Guru uses AI and machine learning, along with nutritional expertise, to match products with consumer preferences and requirements. Its health & wellness platform analyses products’ nutritional values and ingredients, allowing it to allocate appropriate nutritional tags.
The London-based company says that the Series A round with W23, Woolworths’ venture capital arm, will be used to expand its footprint with retailers across Asia Pacific, North America and Europe. Spoon Guru will also use the funds to drive product innovation in-store and online.
Spoon Guru launched in the UK with a Tesco partnership to support shoppers with individual dietary preferences and says that it has been growing its international presence every year.
In 2018, Spoon Guru partnered with Woolworths Group and has since secured further retail partnerships in the Netherlands and the US.
Earlier this year, the company unveiled an ‘Immunity Support Tag’ in response to increased consumer demand for immunity-boosting foods amid the escalating coronavirus pandemic.
The tag was said to make it easier for consumers to locate immune system-strengthening foods online, or through physical labels and aisle markers in-store.
“With governments worldwide launching campaigns to tackle obesity and related lifestyle diseases, consumers are now thinking about how food impacts their health and wellness,” said Markus Stripf, co-founder of Spoon Guru.
“There is a desire from shoppers for healthier choices and with a significant swing to online shopping, grocery retailers have the opportunity to use technologies like Spoon Guru to drive and scale healthier baskets.
“It is our mission to provide retailers with the tools they need to ensure healthier food discovery, thereby improving basket sizes and values and in turn driving customer loyalty and growth for our partners. The funding will ensure we can further develop our product suite and expertise in driving towards this goal.”
W23 was established in 2019 to partner with innovative start-ups, particularly those offering ‘next-generation’ consumer products and disruptive services.
“Spoon Guru’s specialist algorithms are already meeting the health goals and dietary requirements of millions of Woolworths’ customers,” said Ingrid Maes, managing director of W23.
“Our partnership model will give the team at Spoon Guru the freedom to continue doing what they do best, while also helping Woolworths differentiate its offer and accelerate the group’s ability to meet the changing health needs of customers.”
© FoodBev Media Ltd 2019