Fresho announces £8m Series A and accelerates UK/US expansion plans

Fresho has closed a £8 million Series A funding round.

The startup’s tech is used by chefs who reach for their device to choose exact quantities for their needs, much like an online shopping experience but specifically tailored to the B2B food industry.

Buyers see live prices and specials, allowing for informed product choices and assistance in food cost management.

Suppliers receive the order immediately in a dashboard. The real-time sales data enables suppliers to manage purchasing more efficiently and eliminates wastage before it becomes an issue.

More than 38,000 foodservice venues across the UK, Australia, New Zealand, and the United States have now used the software solution, with £700 million+ processed through the platform annually.

Fresho’s user base consists of restaurants, hotels, hospitals, cafes, schools, farm shops, QSRs and independent retailers.

Co-founder and Managing Director James Andronis, a former wholesale seafood senior executive from Australia, says: “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.”

“This capital raise will enable us to accelerate our growth in the United Kingdom and a strong launch into the United States.”

“Like our other markets, restaurants and suppliers in the US are itching to be more progressive but still working with antiquated processes such as email, phone calls, Whatsapp and even the old fax machine. B2B food supply chains are changing at a rapid rate around the world with an increased focus on efficiency and lowering waste.”

“We understand the industry and our tech solves key pain points for these businesses. The adoption of tech is speeding up and it’s fascinating to watch the industry progress at such a fast pace.”

The Series A funding round adds a number of new investors to an existing base that includes Primorus Investments. New investors include Capital Zed, Andrew Sypkes (who was an early-stage investor in Canva, Aconex and Redbubble), and Second Quarter Ventures.

Fresho’s other Co-founder and Managing Director Huw Birrell, comments: “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.”

“As an example, we recently worked with Apple & Pear Australia that represents Australia’s apple and pear growers to provide data on which varieties have had increasing or declining consumption which they previously had no access to.”

“The power of this data is extraordinary and has the ability to change growing decisions in the future.”