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.
EAST PALO ALTO, CA (PRWEB)
August 03, 2022
Vory, the revolutionary B2B digital inventory management platform optimizing the grocery supply chain, today announced that it has closed a $10 million Series A funding round. The capital will be used to strengthen its talent acquisition pipeline, expand its operations in the United States and expand its product offering – including their upcoming Vori Back Office solution, enabling more independent food retailers nationwide to benefit from its transformative supply chain technology.
The funding round was led by Factory, a Silicon Valley-based venture capital fund focused on early-stage and deeply technical startups, and including participation from Greylock, E2JDJ, MKT1and flagship customer of Vori, Mollie Stone Markets – a 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. To do this, the level playing field between small businesses and mega businesses needs to be leveled,” said Brandon Hill, CEO and co-founder of Vori. “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.
While grocery shopping is the most common consumer shopping behavior globally, the grocery industry is the largest undigitized retail segment. Independent grocers make up one-third of the U.S. grocery market, but can’t afford the same technology and solutions that grocery companies like Walmart, Kroger and Amazon use to solve supply chain problems. and inventory management – up to Vori.
“At The Factory, we pride ourselves on not only identifying innovative companies, but working alongside them,” says Andy Jacques, CEO and Managing Partner of The Factory. “Vori’s technology will dramatically improve the way grocers manage their supply chain and inventory. At a time when we see critical commodities experiencing historic shortages and all industries experiencing record inflation, Vori’s technology is desperately needed. We are excited about this company and look forward to working with the company as it expands nationally.
Vori improves retailer’s inventory management workflows by digitizing traditionally labor-intensive manual processes, undocumented knowledge, and colossal amounts of analog data. Vori’s solution enables grocers to benefit from inventory reordering via shelf tag scanning, advanced technology methods to ensure order quantities and price tags complement supplier cost changes and patterns. purchases, and real-time data visibility in a single interface to enable collaboration among store personnel. and external business partners. The solution increases productivity by reducing the time it takes to replenish inventory by up to 80% while tackling the problem of food waste in the United States, which creates an annual loss of approximately $408 billion.
“The relationship between the grocery industry and technology is in desperate need of an update,” said Mike Duboe, general partner at Greylock. “Vori’s new approach to inventory management is the change this industry has been looking for. We are proud to help the company bring its solution to more grocers. »
This investment will also support the launch of Vori’s new solution 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 achieves this by utilizing features such as Cost Change Tracking, Digital Order Management, Scan Receipt, Auto-Invoice, DSD Vendor Management and Digital Credit Applications.
Vori has raised $15.3 million to date, with additional investments made by Y Combinator, Village Global, South Park Commons, food experts from Safeway/Albertsons, co-founders from Instacart, DoorDash and Twitch, as well as another Vori flagship client, Good Stuff Distribution.
Vori received legal advice from Caine Moss, Goodwin Procter. Goodwin Procter also provided legal advice to The Factory and Greylock for their investment.
Vori is currently in the process of building a number of teams, including product, design, and engineering. Additional information can be found here.
Vori is the only modern operating system for the food industry. Our technology enables local and regional supermarkets to easily restock their shelves, manage pricing and control inventory at their fingertips, enabling retailers to improve profitability and optimize labor. Vori was founded in 2019 by Stanford University alumni and has a team with over 100 years of grocery experience. Vori is backed by The Factory, Greylock, Y Combinator, Village Global, South Park Commons, food industry experts from Safeway/Albertsons, and co-founders from Instacart, DoorDash, and Twitch. Learn more about vori.com.
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