Freshflow bags €1.7 million to help grocery retailers tackle food waste
Freshflow, a German startup whose AI powered platform helps grocery retailers tackle stockouts and food waste, has raised €1.7 million in a seed funding round led by Capnamic and World Fund.
Angel investors also included Alexander Mrozek, CEO at Dr. Oetker Digital, and Jens Fiege and Felix Fiege, CEOs at FIEGE Logistics.
Freshflow, whose product is being used in several locations of one of Germany’s largest grocery retailers, as well as a 15 minute grocery delivery company in Eastern Europe, will use the funding to expand its workforce and grow its offering to 100 stores across Europe.
Freshflow Co-founder Avik Mukhija says: “For most grocers, it’s incredibly challenging to make the right decision on order quantities for fresh produce, especially when relying on gut feeling, past experience and tedious pen and paper methods.”
“Freshflow takes the guesswork out of the equation by making the ideal order on autopilot, giving retailers back the gift of time, money and crucially, supplies.”
“Our customers have jumped at the chance to use hard data instead to solve this challenge. We’re delighted that Capnamic and World Fund have joined us on this journey to build the food supply chain technology of the future and tackle food waste.”
Dorothea Gotthardt, Investment Manager at Capnamic Ventures say: “We were immediately impressed by the scale of ambition when it comes to Avik and the team at Freshflow.”
“Tackling the issue of food waste at the same time as boosting a retailer’s bottomline is an eye-catching proposition and given the results so far, one they are clearly delivering on.”
“The sooner they can expand across the continent the better it will be for retailers and consumers. I can’t wait to see where Freshflow goes in the next 12 months.”
World Fund Managing Partner Danijel Visevic comments: “Almost 40% of all food produced globally is wasted and this is causing six times the carbon impact as the entire aviation industry worldwide.”
“That’s what makes Freshflow’s goals so admirable and was such a key reason that we at World Fund wanted to support them.”
“They have developed a very exciting state-of-the-art AI engine which is already seeing remarkable results and I have no doubt that the future is very bright for Freshflow.”
