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09 October, 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 information 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.

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