Fresho, an Australian startup that makes food supply chains more sustainable between restaurants and their suppliers, has grabbed £8 million in Series A funding.
The funding round adds a number of new investors to a strong existing base that includes London based Primorus Investments (LON:PRIM). New investors include venture-capital firm Capital Zed, Andrew Sypkes (an early-stage investor in Canva, Aconex and Redbubble), and Second Quarter Ventures.
US launch on cards
Fresho will use the investment to accelerate its growth in the UK and launch into the US. Already, over 38,000 foodservice venues across the UK, Australia, New Zealand, and the United States have deployed the innovative software solution with more than £700 million processed through the platform annually.
The company works with the ambition to become the world’s leading ordering platform for food supply chains, and a major source of intelligence for the food industry.
Fresho co-founder and Managing Director James Andronis, a former wholesale seafood senior executive from Australia, said “We’ve managed to attract some of the best talent in the UK, Australia and New Zealand and they’re steering our continued investment in state-of-the-art technology.”
Fresho’s co-founder and Managing Director Huw Birrell, a former investment banker, said “A combination of the depth and breadth we hold in the food supply chain across various geographies, along with our leading-edge technology means we have an incredible bank of insights into food trends and market movements. We intend to use this intelligence to help drive improved sustainability in the sector and ensure increased prosperity for all participants in it.”
What issue does Fresho tackle?
The food service market in the key markets is worth a whopping £330 million. It is one of the last remaining antiquated industries with a lot of offline interactions.
Founded in 2016 by Huw Birrell and James Andronis, Fresho intends to tap into this market with its software solution.
It is used by tens of thousands of chefs who simply reach for their device to choose exact quantities for their needs, much like an online shopping experience. However, it is tailored to the fast-paced B2B food industry.
Fresho’s user base consists of restaurants, hotels, hospitals, cafes, schools, farm shops, QSRs and independent retailers. In London, the Lansdowne Club, Polpo, Frog by Adam Handling, 1 Lombard Street, Albertini, and the Bingham Riverhouse place orders through Fresho.
Buyers can see live prices and specials, allowing for informed product choices and assistance in food cost management. Also, suppliers receive the order immediately in an easy-to-use dashboard, which reduces data entry errors and helps them fulfil orders without delay. The real-time sales data enables suppliers to manage purchasing more efficiently and eliminates waste before it becomes an issue.