Afresh Technologies Inc., which makes software that helps grocery stores reduce food waste, raised $115 million in new funding.
The Series B round was led by Spark Capital. Insight Partners and VMG Partners also participated, along with Walter Robb, a senior executive at S2G Ventures and the former co-chief executive officer of Whole Foods Market. With the new investment, the San Francisco-based company’s total funding has reached $148 million.
Afresh offers an operating system that helps grocers reduce the amount of fresh food that is thrown away. Retailers can view their inventory within Afresh’s system and use its technology to more accurately forecast what foods consumers are looking to buy. The predictive system’s reliance on data means stores will produce less waste.
Afresh says it helps customers reduce waste by 25% or more. These efforts can help improve profitability, Robb said, which is especially important as food prices continue to surge.