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Oct. 9, 2018
Wasteless raises $2 million to eliminate food waste with dynamic pricing
An announcement was issued today regarding Wasteless Ltd, the developer of dynamic pricing software aimed at reducing food waste in supermarkets: Wasteless has completed a $2 million funding round, which was led by the Amsterdam-based venture capital fund Slingshot Ventures (www.slingshot.ventures).
Earlier this year, Wasteless slashed one-third of a leading Spanish retailer's food waste, while boasting a 6.3% spike in revenue
The Wasteless solution offers consumers differentiated pricing for grocery foods based on their expiration date. The system operates based on the inventory, orders, and sales, and executes pricing decisions that are then delivered to the end-consumer via Electronic Shelf Labels on the supermarket shelf or online via the digital store checkout process. Supermarkets stand to gain from improving their bottom line, and consumers can enjoy cheaper prices, while the world benefits from a reduction in food waste.
Wasteless will use its recent capital injection to:
Expand its current team
Increase investments further to develop its proprietary dynamic pricing algorithm
- Manage its rollouts with food retailers
Just earlier this year, Wasteless successfully implemented its process at a leading Spanish food retailer. Wasteless managed to slash one-third of food waste from the supermarkets, while producing a 6.3% increase in revenue. The pilot program, which achieved highly conclusive results, was summarized in detail in a recent case study published by Wasteless. The pilot itself was part of a scientific study conducted by professor Robert Evan Sanders at the University of San Diego.
Without a doubt, the most enjoyable experience during this pilot was to see everyday customers come into the store and make adapted purchase decisions based on Wasteless pricing. We inspire customers to be better citizens of the world and to take part in the war against food waste, while at the same time enjoying better prices for the same quality of tasty foods. We can see how Wasteless fits perfectly into every customer’s experience, from Baby Boomers to Millennials alike. Ben Biron, founder and CMO of Wasteless.
“The decision to partner with a Dutch venture capital fund fits perfectly into our expansion strategy. Wasteless’ current focus on Western European food retailers is supported by the opening of its new commercial headquarters in the Netherlands, and we will be opening one soon in New York as well" said Wasteless CEO Oded Omer.
He added, “We offer an outstanding business case for reducing unnecessary food waste, which is increasingly a top priority for business leaders, consumers, and governments across the globe. One-third of all foods produced are being wasted, costing over €65 billion every year in Europe alone, with an inordinate negative impact on global warming as well as access to food and resources. Wasteless can change that!”
The company is currently in talks with several leading food retailers worldwide to introduce Wasteless’ dynamic pricing solution to their stores. Wasteless has an office in Amsterdam and Tel Aviv, with one to open soon in New York.
Please contact [email protected] for more
regarding pricing and pilot program inquires.
About Wasteless: Founded in June 2016, Wasteless developed a proprietary dynamic pricing algorithm for products with a limited expiration date, allowing retailers to mark off prices across the demand curve. The company is based in Tel Aviv, Israel and Amsterdam, NL.
Jan. 9, 2019 (NEW YORK)
New ‘Wasteless’ technology converts food waste into retail profits
FoodBytes! NYC winner launches markdown optimization solution to North America at NRF 2019 Retail’s BIG Show, Jan. 13-15
Wasteless, winner of FoodBytes! NYC 2018 “Highly Commended Award,” will introduce the world’s first machine-learning solution for grocery stores to North America at NRF 2019 Retail’s BIG Show in NYC Jan. 13-15, Booth #4437. Wasteless, headquartered in Israel and the Netherlands, is the inventor of a patented markdown optimization engine for perishable goods with a limited expiration date, enabling retailers to maximize profit across the demand curve. With Wasteless’ proprietary technology, retailers are no longer reliant on price reductions, guesstimated mark downs and adaptations done tediously by hand. This radical idea for North American commerce also addresses one of the major environmental and social disasters of our time: food waste.
AgFunder News awarded Wasteless with a 2018 Innovation Award in the Retail & Consumer category for its innovation in the retail food space.
For grocery retailers, food waste represents an $18.2 billion opportunity. On average, the value of wasted food in retail is equal to roughly double the profits from food sales. Designed to integrate easily with supermarkets’ existing IT infrastructures, the turnkey solution is already a success story in many European and Israeli stores, where it’s proven to increase retailer revenues and reduce waste.
Waste prevention solutions such as markdown optimization have the highest profit potential. Indeed, our patented algorithm turns waste into profits, and what would normally be garbage headed to the landfill instead goes into the carts of happy shoppers.
David Kat, Wasteless’ VP Business Development
Expiration dates cause almost all retail food waste. The value of a food item decreases as it gets closer to its expiration date, yet the price remains the same. There is no incentive for consumers to choose an older item over a later expiring product. The Wasteless algorithm updates prices for items based on their expiration dates, giving consumers a lower price for products closer to expiring, effectively reducing the amount of food wasted and increasing close-to-expiration sales for retailers. Significantly reducing retail labor, such as shelf checks and pricing updates, Wasteless seamlessly creates pinpointed price-reductions multiple times per day for all items – not just one – close to their expiration dates. Who wins? Both the shopper and the retailer.
In November 2017, an international Spanish retailer selected Wasteless to assess whether Wasteless' Dynamic Pricing technology could help improve the key critical elements in the retailer's operations. Data analysis shows the Wasteless system was able to increase revenue by an average of 6.3 percent, and decrease overall store waste by an average of 32.7 percent. Likewise, the average monthly waste per product went from 2.8 units to an average of 2.14 units.
Solutions don’t have to be hard.
Wasteless resolves every retailer’s profound pain points of food waste due to expiration and sell by dates. Solutions can be elegantly easy.
Ralph de Vries, Wasteless’ Vice Chairman
For more information visit Wasteless at National Retail Federation (NRF) 2019 Retail’s BIG Show in NYC Jan. 13-15, Booth #4437.
Founded in June 2016, Wasteless is a turnkey food waste solution which optimizes food price markdowns based on expiry dates. Wasteless developed a proprietary dynamic pricing algorithm for products with a limited expiration date, allowing retailers to mark off prices across the demand curve. The company is based in Tel Aviv, Israel and Amsterdam, NL. With Wasteless, supermarkets sell more, waste less and consumers get to choose how much they want to pay for a product based on expiration dates. Wasteless recaptures lost revenue, creating new revenue opportunities for food retailers. In addition to benefiting food retailers and consumers, Wasteless aims to help repair the food system through efficient supply chain management. Food waste reduction is considered the third most impactful measure to reverse climate change (Drawdown.org). Forty percent of food produced ends up in landfills, making it the single largest CO2 emitter. Wasteless’ machine-learning technology aims to eradicate food waste in retail.