Vori, which describes itself as a “revolutionary digital B2B inventory management platform”, has raised $10m in Series A funding.
The round was led by The Factory, a Silicon Valley based venture-fund focused on early stage and deeply technical startups, and included participation from Greylock, E2JDJ, MKT1, and Vori flagship customer, Mollie Stone’s Markets.
According to Vori, while grocery shopping is the most common consumer shopping behaviour in the world, the grocery industry is the largest undigitized retail segment. Independent grocers make up a third of the US grocery market but cannot afford the same technology and solutions that grocery corporations such as Walmart, Kroger, and Amazon utilize to tackle supply chain and inventory management issues. This is the problem Vori has set out to solve.
Vori enhances the retailer’s inventory management workflows by digitizing traditionally manual labour-intensive processes, undocumented knowledge, and colossal amounts of analog data.
The company said the capital will be used to bolster its talent acquisition pipeline, expand its US operations, and broaden its product offering, including its upcoming Vori Back Office solution, enabling more independent grocery retailers nationwide to benefit from its transformative supply chain technology.
Brandon Hill, CEO and co-founder, Vori, said, “At Vori we believe in using technology to ensure communities have access to the goods they need – starting with food. To accomplish this, the playing field between small businesses and the mega corporations needs to be leveled. I’m proud to say we are arming the rebels by providing food entrepreneurs with affordable and agnostic technology that streamlines their businesses, allowing them to stay competitive.”
Mike Duboe, general partner at Greylock, said, “The relationship between the grocery industry and technology is in desperate need of updating. Vori’s fresh take on inventory management is the shift this industry has been looking for. We are proud to support the company in bringing its solution to more grocers.”
Singapore-based CrediLinq, an artificial intelligence (AI) and machine-learning credit underwriting firm, recently raised $2.6 million.
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