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08/04/2022

Afresh Gains New Series B Funding to Expand Tech Footprint

The new $115 million in funding will help Afresh's technology reach more grocery chains.
Zachary Russell
Associate Editor
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Afresh

Afresh, an AI-powered fresh food technology provider, has announced new Series B funding that will allow the company to expand its technology to more grocery chains.

Afresh’s Fresh Operating System helps forecast inventories, make product orders, manage store operations and more, allowing retailers to operate more efficiently and manage their private brands better. The $115 million Series B funding round was led by Spark Capital and with participation from Insight Partners, VMG Partners, and Bright Pixel Capital. 

Aiming to serve 10% of U.S. grocery stores by the end of 2022, Afresh says it tripled its customer base in 2021, signing regional chains like CUB and national chains like Albertsons, with plans to roll out to more than 2,300 Albertsons stores by the end of 2022. 

"Food, more so than anything else, shapes the health of people and our planet,” said Afresh co-founder and CEO Matt Schwartz. “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 its operating system helps reduce food waste in addition to growing revenue. The Series B funding brings the company’s total funding to $148 million.

Afresh’s Fresh Operating System is currently in use in over 3,000 stores in 40 states.