Cologne’s Foodforecast, a rising star in AI foodtech, just pulled in €8 million in a Series A funding round. This money will help the company grow its AI-driven platform, which forecasts demand and production for fresh food, across Europe. The funding was co-led by SHIFT Invest and the European Circular Bioeconomy Fund (ECBF), with additional support from existing investors like Future Food Fund and Aeronaut Invest.
Founded in 2018 by Justus Lauten and Jan Brormann, Foodforecast has created software that assists food retailers, bakeries, and food-service operators. Their tool helps businesses plan production and ordering for fresh items that don’t last long. It uses AI models to provide demand forecasts that update several times daily, making it easier for users to manage their operations. Reports show that these systems can cut food waste by up to 30% and boost sales by up to 11%. Remarkably, they also automate over 90% of planning tasks that were once manual.
Since launching commercially in 2022, Foodforecast’s platform has been adopted in thousands of stores throughout Europe. So far, it has helped prevent over 8,800 tons of food waste and improved product availability for items like baked goods, sandwiches, and ready-to-eat meals. Their goal is to lessen both financial losses and the environmental impact caused by poor demand planning.
The new funds will fast-track Foodforecast’s growth beyond Germany. They also aim to enhance their AI technology and encourage more businesses in the food and bakery sectors to use their solutions. This initiative aligns with the European Union’s sustainability goals, supported by the InvestEU Fund.
Expert opinions underscore the significance of Foodforecast’s mission. Thijs Gitmans from SHIFT Invest noted, “Foodforecast tackles a massive issue in ultra-fresh food supply chains with an AI solution that balances sophistication and ease of use.” Isabelle Laurencin from ECBF added, “Sustainability is central to their value. Foodforecast shows how AI can create economic benefits and measurable impact.”
With food waste being a pressing global issue, these innovative solutions could greatly improve not just efficiency but also help the planet. According to a 2022 report from the Food and Agriculture Organization (FAO), around 931 million tons of food are wasted each year—an alarming statistic that highlights the urgent need for better forecasting tools like those offered by Foodforecast. This type of technology could play a key role in creating solutions alike.
Foodforecast’s journey illustrates the broader trend of leveraging technology to tackle global challenges. As food retailers increasingly look to reduce waste and improve operations, expect to see more AI-driven innovations on the horizon.
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