Fresho, a company that aims to make food supply chains more sustainable between restaurants and their suppliers, has whet the appetite of investors with a recent capital raising of $14 million.
More than 38,000 foodservice venues across New Zealand, Australia, the United Kingdom, and the United States have now used the innovative software solution, with more than NZD $1.32 billion processed through the platform annually.
Fresho New Zealand Director Sarah Rumbold, a former Auckland restaurant investor said increased investment in Fresho’s team, and its leading-edge technology was driving the business’ growth at a global scale.
“We’ve managed to attract some of the best talent in New Zealand, Australia and the United Kingdom and they’re steering our continued investment in state-of-the-art technology,” Rumbold said. Fresho now employs over 60 people.
“The capital raise will enable us to accelerate Fresho’s 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, SMS 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 food service market in those 4 key markets is worth a whopping $600bn and is one of the last remaining antiquated industries with a lot of offline interactions.
Fresho has attracted funding from existing investors and new investors in its recent round, including venture-capital firm Capital Zed, Andrew Sypkes (who was an early-stage investor in Canva, Aconex and Redbubble), Second Quarter Ventures (Australia’s leading secondaries fund) and Salta Capital.
In New Zealand, many of the most renowned high-profile restaurants such as Soul, Amano, Mudbrick, Andiamo, Cassia, and Ostro order through the Fresho platform, sourcing from local suppliers, who use the Fresho platform every day to run their business and process payments.
Fresho’s user base consists of restaurants, cafes, hotels, schools, and independent retailers, such as Moore Wilsons and Farro.
Nourish Group Executive Chef, Gareth Stewart has used Fresho for several years. “Having seen the positive benefits the Fresho app can bring to a professional kitchen, I’ve implemented it as the leading software across The Nourish Group.
“Not only does it bring cost, time, and waste efficiencies, the app is easy to use and opens new avenues to exciting local ingredients,” Mr Stewart said.
Leading Kiwi food supplier William Eriksen from Neat Meat says Fresho has helped their businesses significantly. “The Fresho platform has dramatically improved our ordering processes by making them scalable, and delivered significant cost efficiencies by removing data entry, double handling, and human error. We’ve even picked up some new clients as a result of the onboarding team’s efforts. It’s been a game changer for our business.”
Fresho’s co-founder and Managing Director Huw Birrell, a former investment banker, reflected on the impact his business’ rapid recent growth is having in making food supply chains more sustainable.
“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 Ltd which 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.”
Mr Birrell added that he and his team harbour ambition to be the world’s leading ordering platform for food supply chains, and a major source of intelligence for the food industry.
How Fresho works
Fresho is used by tens of thousands of chefs who simply reach for their device to choose exact quantities for their needs, much like an online shopping experience but specifically tailored to the fast-paced 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 an easy-to-use dashboard, which reduces data entry, errors, and helps them fulfill orders without delay. The real-time sales data enables suppliers to manage their stock levels more efficiently and eliminates wastage before it becomes an issue.
