Shelf Engine Raises $12M to Eliminate Food Waste for Grocery Stores
Shelf Engine announced $12 million in Series A funding, led by GGV Capital with participation from Initialized Capital, Foundation Capital, Correlation Ventures, 1984 and Liquid 2 Ventures. Hans Tung, Managing Partner, GGV Capital, will join the board as part of the financing. The company plans to expand its engineering and product development team by 65 people as well as another 25 people in sales and support.
Shelf Engine eliminates food waste by managing inventory for grocery stores and food retailers. Using precision demand forecasting with advanced machine learning and robust data collection, Shelf Engine guarantees sales for grocers and is able to cut waste nearly in half. It also enables stores to increase their margins substantially such that net profits nearly double. As a result the company is working with more than 500 stores nationwide, including the largest grocery retailers.
“We see inefficiencies of the food supply chain as well as lack of agility to respond to market changes in real-time as a global opportunity ripe for transformation,” said Hans Tung, Managing Partner, GGV Capital and new Shelf Engine board member. “We are excited to partner with Stefan and Bede as they continue to bring innovation and high impact solutions to the food industry.”
Read the original here on Food Logistics.