- Invafresh, a prominent fresh grocery platform, has acquired Whywaste, a leading provider of end-of-life product solutions for grocery retailers and convenience stores.
- his acquisition aims to reduce food waste, ensure regulatory compliance, and boost profitability for retailers.
- The merger will enable Invafresh to enhance its Fresh Retail Platform by incorporating Whywaste’s end-of-life solutions, including advanced date checking, markdown price optimization, and donation platform capabilities.
Invafresh, an industry-leading fresh grocery platform, has announced its acquisition of Whywaste, a leading provider of end-of-life product solutions for grocery retailers and convenience stores, including ASDA, Tesco One Stop, SPAR International, and Coop Sweden, to help reduce food waste, maintain regulatory compliance and increase profitability.
This acquisition is necessary as over a third of global food production is lost or wasted annually, and to curb this challenge, innovations like sustainable waste management solutions are paramount, according to leading industry consultants. John Harmon, Senior Technology Analyst at Coresight Research, said; “We estimate that U.S. food waste totalled more than $650 billion in 2022, based on $1.25 trillion of food and beverages purchased for off-premises consumption combined with an estimate that 35% of food goes unsold or uneaten. 63% of grocery retailers view food waste reduction as very important in meeting corporate sustainability goals. The addition of Whywaste’s suite of waste reduction tools to Invafresh’s AI-enhanced demand forecasting capabilities could help retailers achieve those goals.”
Speaking about the acquisition and of Whywaste portfolio, Tim Spencer, the CEO of Invafresh said, “I’m excited to welcome Whywaste as part of the Invafresh team and look forward to working with them to expand the global footprint of our combined Fresh Retail platform offering. Throughout the due diligence process, I was impressed by both the calibre of talent at Whywaste and the quality of their products. That talent and product quality has allowed Whywaste to establish themselves at the forefront of the rapidly growing sustainability movement by enabling grocery retailers to profitably reduce food waste.”
This possession will set the platform for accelerated growth for Invafresh, such as improved functionality of their AI/ML enhanced Fresh Retail Platform with Whywaste’s end-of-life solutions including advanced date checking, markdown price optimisation, and donation platform capabilities.
Customers using the Whywaste platform on average realise 30% less waste and a 17% increase in revenue from optimising discount pricing. Merging the two platforms will provide grocery retailers with a platform to drive revenue, reduce shrink, deliver a superior shopping experience to their customers, and help retailers achieve their sustainability targets.
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Based in Gothenburg, Sweden, Whywaste is a food tech company that provides solutions for markdowns and food waste management for grocery retail. With stores in over 40 chains globally, Whywaste meets the increased need for smarter and more sustainable grocery retail.
With a combined 500+ years of Freshology experience, the heritage of Invafresh has enabled fresh food retailers to create extraordinary store operations performance and differentiated customer experiences. Invafresh is deployed in over 300 grocery retailers in 18 countries, with more than $100 million of Fresh revenue being transacted daily, to provide AI/ML demand forecasting, merchandising, replenishment, and sustainability and compliance solutions.
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Photo from Invafresh website
