Afresh, the provider of software solutions for managing produce demand and orders within grocery stores, has achieved a $100 million company valuation.

This significant valuation follows a $13 million extension to the company’s current funding round. Food Retail Ventures spearheaded the investment, with participation from existing investors including Innovation Endeavors, Maersk Growth, and Baseline Ventures, according to a company announcement.

Accompanying this investment, James McCann, previously the CEO of supermarket holding company Ahold USA, has been appointed to Afresh’s board of directors.

Afresh and similar businesses are addressing the issue of food spoilage by utilizing advanced enterprise resource planning systems – a strategy that is proving successful. Grocery stores implementing Afresh’s technology report a 25% decrease in food waste when contrasted with stores that do not use the system. Furthermore, these stores experience a 40% improvement in produce operating margins and a 2% to 4% increase in overall revenue, the company reports.

“Prior to 2020, we had already established strong progress through initial customer collaborations and confirmation of our technology’s effectiveness. As the pandemic began, we were pleased with how our product assisted fresh food sections in adapting to the rapidly changing circumstances,” stated Matt Schwartz, CEO and co-founder of Afresh. “Furthermore, we are observing substantial interest from prospective clients. When experienced industry leaders and technology investors expressed their desire to increase their investment in Afresh, we readily agreed. This additional funding will allow us to expand more rapidly throughout 2021, furthering our goal of minimizing food waste and ensuring access to fresh, healthy food for everyone.”