In the Netherlands, Wasteless Ltd, the developer of dynamic pricing software aimed at reducing food waste in supermarkets, completed a $2 million funding round led by the Amsterdam-based venture capital fund Slingshot Ventures.
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.
At a leading Spanish food retailer, Wasteless slashed one-third of food waste while increasing revenue by 6.3 percent. Wasteless will use the funds to expand its current team, continue to develop its proprietary dynamic pricing algorithm and manage its rollouts.