Cologne-based startup Foodforecast, which leverages AI to reduce food waste, automate ordering, and optimize resources in the food supply chain, has secured €3 million in an equity round to expand its European presence and scale its AI-powered solutions.
- Founded in 2018 by Justus Lauten, Foodforecast is dedicated to helping customers streamline operations and enhance sales while reducing their environmental impact.
- Since launching its solutions in 2022, the company claims it has made a mark in the German food retail sector by automating ordering and production processes by over 90%, resulting in more than 20 million automated orders annually. Currently, FoodForecast serves approximately 2,500 stores, asserting that its technology reduces food waste by up to 30% and increases sales by 11%.
Details of the deal
- The current round was co-led by Scalehouse Capital, a venture capital firm based in Osnabrück, Germany, that invests in B2B software startups across the country at the seed stage, and Future Food Fund II, a Dutch agrifood tech environmental impact investor.
“Foodforecast is at the intersection of advanced technology and meaningful impact. The combination of their technological innovation with a strong focus on sustainability makes them a game-changer in the market, earning the trust of numerous high-profile clients across various sectors," Partner at Future Food Fund, Silla Scheepens, commented.
- Existing investors London-based Blue Horizon Ventures and Aeronaut Invest also participated in the round. Several new backers, including early-stage investors from leading DACH food service companies like Subway, dean&david, and Bäckerei Göing, joined.
- With the capital raised, the startup plans to expand its operations across Europe and continue driving sustainability by delivering innovative solutions that help protect the planet.
"The backing from our investors is a powerful endorsement of our vision and the enormous market potential we are tapping into. This infusion of capital will enable us to expand our team and continue delivering unparalleled predictive capabilities and service quality to our clients in the gastronomy, bakery, and retail sectors," CEO and founder of Foodforecast, Justus Lauten, stated.
