US-based food distribution software developer Afresh Technologies has secured $13m from investors including Maersk Growth, the corporate venture unit owned by shipping and energy group AP Moller – Maersk.
The funding represents an extension to the company’s series A round and the tranche was led by Food Retail Ventures, with participation from two other venture capital firms: Innovation Endeavors and Baseline Ventures. The cash was raised at a $100m valuation, according to TechCrunch.
Founded in 2017, Afresh provides software tools used by food retailers to manage merchandising and ordering for their fresh produce departments. It intends to use the funding to double its employee headcount in 2021 and xpand its product range.
Innovation Endeavors led the initial $12m series A round for the company in July 2020 and was joined by Maersk Growth, Food Retail Ventures, Impact Engine and Baseline Ventures. The latest funding reflects renewed investor interest following subsequent customer growth.
Afresh had previously raised $6.1m in series A funding from Innovation Endeavors and Baseline Ventures in September 2019 that may have reflected an earlier tranche of the round.
Matt Schwartz, Afresh’s co-founder and CEO, said: “We headed into 2020 with some incredible momentum from early customer partnerships and validation of our technology. As pandemic set in earlier this year, we were proud of how well our product helped fresh departments adapt during these unpredictable times.
“In addition, we are seeing enormous demand from new customers. So, when industry veterans and inside tech investors came to us and asked if they could double down on Afresh, we quickly said yes.
“This new capital will enable us to grow faster and bigger in 2021, thereby accelerating our mission of reducing food waste while making fresh, nutritious food accessible to all.”