Foodforecast funding news – Cologne-based Foodforecast Secures €3 Million in Funding

With this investment, they hope to grow their business and increase their market share in the European food retail sector. Some of the biggest companies in the market, including SSP Germany, have embraced the company's AI-driven sales forecasting solutions since they went on sale in 2022 and have been used in thousands of customer stores. Foodforecast is an expert in streamlining the food supply chain from start to finish, starting at the point of sale (POS).

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Foodforecast's customers can automate production and ordering processes by an average of more than 90% by utilizing technological advancements. This results in over 20 million automated orders annually, greatly reducing the workload for staff members and serving as the company's primary selling point.

The company's primary focus, which can increase sales by up to 11% while reducing food waste by up to 30% on average, is still on how to reduce food waste.

Justus Lauten, CEO and founder of Foodforecast said, “We are on a mission to save €10 billion worth of food waste within the next 10 years, In 2023, we not only saved 4,000 tons of food waste but also avoided the annual CO2 equivalent of over 1,000 cars and conserved more than 2,500 Olympic swimming pools’ worth of fresh water. 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.”

Food waste is not just a financial problem; it also has a major negative impact on global health. In addition to depleting important resources like land, energy, and water, the needless loss of food is a significant contributor to greenhouse gas emissions that cause climate change.

It is critical to identify creative ways to reduce food waste in light of these pressing issues. Foodforecast helps its clients maximize their resource utilization while playing a vital role in safeguarding the environment and securing a sustainable future by using their AI-driven solutions.

A number of former industry professionals who are now early-stage investors participated in the round as well. These investors are connected to some of the most well-known food service businesses in the DACH market, including Subway®, dean&david, and Bäckerei, Göing seit 1920.

About Foodforecast

Foodforecast is a tech company from Cologne that uses artificial intelligence (AI) to reduce food waste. Foodforecast has developed an AI that analyzes historical sales figures from bakery branches and combines them with important influencing factors to create an automated sales forecast for the next day's order. In this way, foodforecast wants to help ensure that less food ends up in the bin.