Vori Secures $10M in Series A Funding

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vori, a digital B2B inventory management platform that aims to optimize the grocery supply chain, has completed a $10 million Series A funding round. The capital will be used to strengthen its talent acquisition pipeline, expand its US operations and broaden its product offering.

Leading the funding cycle was Factorya Silicon Valley-based venture capital fund focused on early-stage and deep-tech startups, with participation from Greylock, E2JDJ, MKT1and flagship client of Vori Mollie Stone Marketsa chain of family-run grocery stores in the San Francisco Bay Area.

“At Vori, we believe in using technology to ensure communities have access to the goods they need – starting with food,” said Brandon Hill, CEO and co-founder of East-based Vori. Palo Alto, Calif., and a 2021 Progressive Grocer GenNext Award Winner. “To do this, the level playing field between small businesses and mega-businesses needs to be leveled. I’m proud to say that we’re arming the rebels by providing food entrepreneurs with affordable, agnostic technology that streamlines their businesses, allowing them to stay competitive. This investment will allow us to expand our team and products to better meet the growing needs of the food industry and help our customers manage their supply chains, optimize labor and keep up with changing market trends and consumer needs.

Although independent grocers make up one-third of the U.S. grocery market, most can’t afford the same technology and solutions that major players like Walmart, Kroger, and Amazon use to solve chain problems. supply and inventory management – until the advent of Vori.

“We are proud to be a long-time customer of Vori, and have benefited greatly from their innovative solutions,” said Mike Stone, CEO and Founder of Mollie Stone’s Markets, based in Mill Valley, Calif. “Vori has revolutionized the way independent grocers can approach inventory management. All of Mollie Stone’s marketplaces across the Bay Area have implemented and are using Vori – improving order accuracy, shrinkage, labor allocation, and even supplier relationships. Vori is essential to the success of modern-day independent grocers. We are thrilled to see them expanding their product offering and to grocers across the country. »

Vori improves retailers’ inventory management workflows by digitizing traditionally labor-intensive manual processes, undocumented knowledge, and massive amounts of analog data. Its solution enables grocers to benefit from inventory reorganization through shelf tag scanning, advanced technology methods to ensure order quantities and price tags complement vendor cost changes and purchasing patterns. and real-time data visibility in a single interface to enable collaboration among store personnel. and external business partners. These features increase productivity by reducing the time it takes to replenish inventory by up to 80% while solving the problem of food waste in the United States, which results in an annual loss of approximately $408 billion.

The company is currently building a number of teams, including product, design and engineering. The investment will also support the launch of the new Vori back office which enables grocery stores to reduce shrinkage and increase efficiency by digitizing manual, human-error-prone, and time-consuming tasks. Vori Back Office aims to achieve this by utilizing features such as Cost Change Tracking, Digital Order Management, Scan Receipt, Auto Invoice, DSD Vendor Management and Digital Credit Applications.

So far, Vori has raised $15.3 million, with additional investments from Y Combinator, Village Global, South Park Commons, grocery experts from Safeway/Albertsons and co-founders from Instacart, DoorDash and Twitch, as well another flagship client of Vori, Good Stuff Distribution.

For this most recent funding round, Vori received legal advice from Caine Moss, Goodwin Procter. The law firm also provided legal advice to The Factory and Greylock for their investment.

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