Afresh Valuation, Funding & Investors
Afresh is valued at $100M as of November 2020.
Last Afresh valuation
$100M
Series A · Nov 2020
Last Afresh funding round
$34M
Undisclosed stage · Apr 2026
Cumulative funding Afresh raised
$182M
across 6 funding rounds
Key investors in Afresh
Innovation Endeavors
Baseline Ventures
Maersk Growth
HighSage Ventures
Food Retail Ventures
Insight Partners
About Afresh
Afresh is a San Francisco-based AI platform managing fresh produce supply chains for grocery retailers and wholesalers. Established in 2017, the software forecasts demand using machine learning on millions of data points to generate replenishment recommendations that reduce waste and enhance margins in perishable categories.
Founded
2017
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$100M (Nov 2020)
Afresh Valuation
Afresh is currently valued at $100M, based on its Series A in November 2020.
The $13M round was led by Food Retail Ventures, with participation from Maersk Growth, Innovation Endeavors and Baseline Ventures.
Afresh's valuation has grown 15x from $7M at its seed round in March 2018 to $100M in November 2020, across 4 priced rounds.
Afresh valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2020 | Series A | $100M |
| Jul 2020 | Series A | $100M |
| Apr 2019 | Series A | $26M |
| Mar 2018 | Seed | $7M |
Afresh Funding History
Afresh has raised a total of $182M across 6 funding rounds.
Afresh's first fundraising round was a $2M seed round in March 2018. The most recent completed round was a $34M undisclosed-stage round in April 2026.
Afresh funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Undisclosed stage | HighSage Ventures (lead); Just Climate (lead) | $34M | - | Afresh, a San Francisco-based AI platform for grocery retail, raised $34 million in funding announced on April 21, 2026. The round was co-led by Just Climate, the climate-led investment business of Generation Investment Management, and High Sage Ventures, with participation from existing investors. High Sage Ventures, a Boston-based investment firm backed by permanent capital, has been invested in Afresh for multiple years and increased its commitment in this round. The capital will support expansion of Afresh's AI platform across retail partners and fund next-generation AI capabilities. As of 2025, Afresh's platform scaled to over 12,500 departments with 70% year-over-year revenue growth. The company recently extended its AI platform from fresh produce optimization to the entire store, addressing inventory decisions, waste reduction, and margin optimization across the $10 trillion grocery industry. |
| Aug 2022 | Series B | Spark Capital (lead); Walter Robb (lead); HighSage Ventures; Portfolia; VMG Partners; Maersk Growth; Innovation Endeavors; Bright Pixel; Ischyros New York; Insight Partners | $115M | - | Afresh is an AI-powered fresh food technology provider founded in 2017 that helps grocery retailers reduce food waste through its Fresh Operating System, which forecasts inventory, optimizes ordering, and improves store operations. The company's core product assists brick-and-mortar retailers and wholesalers in managing fresh food categories by predicting demand and minimizing spoilage. In August 2022, Afresh announced a $115 million Series B funding round led by Spark Capital, with participation from Insight Partners, VMG Partners, and Bright Pixel Capital, along with individual investor Walter Robb, former co-CEO of Whole Foods Market. All prior investors—including Maersk Growth, High Sage, and Innovation Endeavors—also participated, bringing total funding to $148 million since the company's founding. The capital was designated for expanding the Fresh Operating System to support new categories including meat and bakery, scaling operations to Europe, and growing the team. By the time of the Series B announcement, Afresh had tripled its customer base during 2021, signing both regional chains like CUB and national chains like Albertsons, with plans to expand to more than 2,300 Albertsons stores by the end of 2022, and aimed to serve 10% of U.S. grocery stores by year-end. Stores using Afresh's technology reported average reductions in food waste of 25% or more, along with 2-4% increases in top-line revenue growth and 40% or greater increases in produce operating margin. |
| Nov 2020 | Series A | Food Retail Ventures (lead); Maersk Growth; Innovation Endeavors; Baseline Ventures | $13M | $100M | Afresh is an artificial intelligence-powered fresh food optimization platform for grocery retailers, founded in 2017 and based in San Francisco. The company develops machine learning solutions that analyze customer buying data for fresh produce to help grocery stores forecast demand and optimize ordering and merchandising operations, addressing the significant problem of food waste in the grocery sector. In November 2020, Afresh raised $13 million in a Series A extension at a $100 million post-money valuation, bringing total funding to $32.8 million. The round was led by Food Retail Ventures and included participation from existing investors Innovation Endeavors, Maersk Growth, and Baseline Ventures. The announcement coincided with grocery industry veteran James McCann, former CEO of Ahold USA and CEO of Food Retail Ventures, joining the company's board of directors. Afresh demonstrated strong early traction with its customer base, with stores using the platform reducing food waste by 25% or more, achieving 2% to 4% top line revenue growth, and experiencing 40% or more increases to produce operating margins compared to peers without the technology. By August 2022, the company had expanded to partnerships with over 3,000 stores across 40 states and had raised more than $145 million in total venture capital. |
| Jul 2020 | Series A | Innovation Endeavors (lead); Maersk Growth; Food Retail Ventures; Baseline Ventures; Better Food Ventures; Greenhouse Capital Partners; Impact Engine | $12M | $100M | Afresh develops AI-powered software to help grocery stores track demand, manage fresh produce orders, inventory, and merchandising, reducing food waste and improving profitability. The company, founded in 2017 and headquartered in San Francisco, targets fresh food operations to make nutritious food more accessible. On July 20, 2020, Afresh raised $12 million in a Series A follow-on round (Series A-II) led by Innovation Endeavors, with participation from Baseline Ventures, Food Retail Ventures, Impact Engine, and Maersk Growth. This brought total funding to $20 million at the time. A subsequent $13 million extension in November 2020 (Series A-III), led by Food Retail Ventures and joined by Innovation Endeavors, Maersk Growth, and Baseline Ventures, valued the company at $100 million. Afresh planned to use the capital to accelerate deployment of its technology to more grocery partners and scale operations amid rising demand during the pandemic. The funding supported growth in customer partnerships, helping fresh departments adapt to unpredictable times. |
| Apr 2019 | Series A | Innovation Endeavors (lead); Baseline Ventures | $6M | $26M | - |
| Mar 2018 | Seed | Baseline Ventures (lead); Innovation Endeavors | $2M | $7M | - |
Who has invested in Afresh?
16 investors have backed Afresh across its funding rounds, including Innovation Endeavors, Baseline Ventures, Maersk Growth, HighSage Ventures, Food Retail Ventures and Insight Partners.
Lead investors include HighSage Ventures, Just Climate, Spark Capital, Walter Robb, Food Retail Ventures and 2 other investors.
Afresh Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Mar 2018 | |
| San Francisco, CA | 4 | Lead | Mar 2018 | |
 Denmark | 3 | Participant | Jul 2020 | |
| Boston, MA | 2 | Lead | Aug 2022 | |
| Boston, MA | 2 | Lead | Jul 2020 | |
| San Francisco, CA | 1 | Participant | Aug 2022 | |
| San Francisco, CA | 1 | Participant | Aug 2022 | |
| San Francisco, CA | 1 | Lead | Aug 2022 | |
| San Francisco, CA | 1 | Participant | Jul 2020 | |
 Porto | 1 | Participant | Aug 2022 | |
 London | 1 | Participant | Aug 2022 | |
| San Francisco, CA | 1 | Participant | Jul 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Walter Robb | United States | 1 | Lead | Aug 2022 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAfresh Competitors
Afresh competitors include listed companies like Pluszero and Laboro AI, and private ones like Fleek, KONUX, Adaptive ML and BforeAI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | - | - | $83M | - | |
 Munich | Private | - | - | $79M | - | |
 Paris | Private | - | - | $100M | - | |
| New York City, NY | Private | $2M | - | $100M | - | |
 Japan | Publicly listed | $10M | $4M | $96M | 7.4x | |
| Japan | Publicly listed | $12M | $2M | $94M | 6.4x |
Afresh Public Comps
Afresh is still privately-owned, but its public comps include Meb Corporation, Vega Corp, Getty Images, Pluszero, Nelly Group, Answear.com, Laboro AI, Mandarake, Boutiques and Kurashicom.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $64M | $16M | 1.0x | 1.0x | 3.8x | 4.0x | |||
| $117M | $10M | 0.8x | 0.8x | 8.9x | - | |||
| $981M | $59M | 2.2x | 2.3x | 36.7x | 7.4x | |||
| $10M | $4M | 8.8x | 7.4x | 23.5x | - | |||
| $129M | $22M | 0.8x | 0.8x | 4.5x | 5.3x | |||
| $450M | $14M | 0.4x | 0.4x | 12.9x | 8.7x | |||
| $12M | $2M | 6.4x | 6.4x | 49.0x | - | |||
| $98M | $13M | 1.2x | 1.2x | 9.2x | - | |||
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Common questions about Afresh
| When was Afresh founded? | Afresh was founded in 2017. |
| Where is Afresh headquartered? | Afresh is headquartered in San Francisco, CA, United States. |
| Is Afresh publicly listed? | No, Afresh is a private, VC-backed company. |
| What is Afresh's valuation? | Afresh was last valued at $100M in its Series A in November 2020. |
| How much funding has Afresh raised? | Afresh has raised $182M across 6 funding rounds. |
| What was Afresh's last funding round? | Afresh's last funding round was a $34M undisclosed-stage round in April 2026, led by HighSage Ventures and Just Climate. |
| Who are Afresh's investors? | Afresh's investors include Innovation Endeavors, Baseline Ventures, Maersk Growth, HighSage Ventures, Food Retail Ventures, Portfolia, VMG Partners, Spark Capital, Better Food Ventures, Bright Pixel and 6 others. |
| Which companies are comparable to Afresh? | Companies comparable to Afresh include Fleek, KONUX, Adaptive ML, BforeAI, Pluszero and Laboro AI. |
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