A Seattle tech company has landed $12 million in equity funding to fuel the growth of its software, which is aimed at helping grocers manage food orders to reduce waste and spoilage issues.
The startup, Shelf Engine, was founded by software entrepreneurs Stafan Kalb and Bebe Jordan in 2016. The company offers AI technology that helps grocers such as Whole Foods, Kroger, and Target get the right amount of food onto the shelf at the right time.
More than 30% of meat, vegetables, and other perishable grocery items expire before their sell-by date, and that issue has been exacerbated by disruptions to the food supply and consumer purchasing patterns caused by the COVID-19 pandemic.
Shelf Engine’s product incorporates scan-based trade technology. The company guarantees sales for grocers by managing their orders, paying their vendors, and charging the retailer only for products that sell.
The company has 46 employees and plans to add 90 more with the new Series A funding, which was spearheaded by GGV Capital with participation from a handful of other funders.