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Fresho, an Australia-based food technology company, has announced the successful completion of its Series B funding round, securing AUD $17 million to support its expansion and technological advancements.
The funding will enable Fresho to enhance its artificial intelligence (AI) capabilities and expand its market presence in Australia, New Zealand, the UK, Ireland, and the US. The company, which has processed its 30 millionth order recently, aims to transform the fresh food wholesale marketplace with its AI-driven order management platform.
Fresho's platform assists fresh food wholesalers by converting incoming orders into structured data. This service allows restaurants to access live pricing and availability through an app, which in turn, helps eliminate unsociable working hours for suppliers, improves order accuracy and processing speed, and reduces food waste.
Restaurants such as Melbourne's Coda and Lee Ho Fook leverage Fresho's platform, while Michelin-starred establishments like Wild Honey St James in London and Le Bernardin in New York City have also adopted this technology. Hendri Budiman, Head Chef at Coda, said, "I've been using Fresho for eight years now. I keep pushing suppliers to use Fresho - it's efficient, it's easy to use."
Fresh food provider Prime Cut Meats has experienced significant improvements since adopting Fresho's platform. Jess Barnett of Prime Cut Meats stated, "Instead of manually dealing with orders from emails, PDFs and voicemails, Fresho's AI handles it all for us. Plus, with their team doing the final review, we have peace of mind that nothing gets missed. It's saved us a lot of time so that we can focus on serving our customers better."
James Andronis, Fresho's CEO and Co-founder, expressed satisfaction over the successful funding round. He noted, "We are pleased to have closed this round in a challenging fundraising environment. This speaks to the size of the opportunity, and to our record of consistent growth and capital management to date." Andronis observed a shift in the fresh food distribution sector towards technology adoption due to industry pressures such as margin constraints and skills shortages.
Huw Birrell, COO and Co-founder, commented on the new phase for Fresho, "By investing in AI and emerging technologies, we're not just enhancing operational efficiency; we're enabling our customers to stay ahead in a rapidly evolving market. As we expand across our existing markets and enter the US, our focus remains on pioneering solutions that help fresh food wholesalers deliver outstanding service with speed, precision, and insight."
The recent funding round has seen participation from both new and existing investors, led by Geoff Tarrant. Tarrant will join Fresho's Board of Directors, bringing with him experience from his previous roles, including Co-Founder of Payapps.
Tarrant commented, "As a shareholder for more than five years, I have seen the great business James, Huw and the Fresho team have built over that period. I am excited by the opportunity Fresho has to improve the way the fresh food industry operates. The software platform Fresho has built together with recent AI advancements will provide benefits for all participants in the fresh food market. I look forward to joining the board of Fresho as part of my further investment in the recently completed capital raising."
