Done deal: Invafresh adds Whywaste food waste reduction tools to its Fresh Retail Platform
Fresh grocery platform, Invafresh, has acquired Whywaste, a provider of end-of-life product solutions for grocery retailers and convenience stores, including Asda, Tesco One Stop, SPAR International, and Coop Sweden, to help reduce food waste, maintain regulatory compliance and increase profitability.
Financial terms of the deal were not disclosed.
“I’m excited to welcome Whywaste as part of the Invafresh team and look forward to working with them to expand the global footprint of our combined Fresh Retail platform offering,” says Tim Spencer, Chief Executive Officer at Invafresh.
“Throughout the due diligence process, I was impressed by both the calibre of talent at Whywaste and the quality of their products. That talent and product quality has allowed Whywaste to establish themselves at the forefront of the rapidly growing sustainability movement by enabling grocery retailers to profitably reduce food waste.”
John Harmon, Senior Technology Analyst at Coresight Research, says: "We estimate that US food waste totalled more than $650 billion in 2022, based on $1.25 trillion of food and beverages purchased for off-premises consumption combined with an estimate that 35% of food goes unsold or uneaten.”
“63% of grocery retailers view food waste reduction as very important in meeting corporate sustainability goals. The addition of Whywaste’s suite of waste reduction tools to Invafresh’s AI enhanced demand forecasting capabilities could help retailers achieve those goals.”
“With the innovation Invafresh brings to the grocery retail market with their Fresh Retail Platform, partnering with them is the natural evolution for Whywaste,” comments Kristoffer Hagstedt, Chief Executive Officer at Whywaste.
“Food waste is a global challenge, and our combined solution gives grocery retailers a proven approach to reducing shrink and helping them achieve their sustainability goals.”
