crispThe demand forecasting platform for the food industry announced the closure of a Series 12 financing round of US $ 12 million led by FirstMark Capital with the participation of Spring Capital and Swell Capital.
crisp launched in beta this January with a product whose goal was to give food suppliers and distributors a clearer picture of consumer demand in retailers. Before Crisp, these organizations usually had several scientists who collected data from different sources in an incomprehensible spreadsheet, which made it difficult to view forecasts of total demand and it was almost impossible to identify anomalies.
This not only leads to loss of income, but also to a huge amount of food waste.
Crisp hopes to solve this problem by providing these suppliers and distributors with visualization of their data instantly and in real time. The company has created integration with a large number of ERP software, receiving historical data on product brands and combining them with a wide range of other signals about demand factors, such as seasonality, holidays, price sensitivity, past marketing campaigns, and changes in competition. terrain and weather, which may affect the sale or supply of ingredients or the product itself.
The ultimate goal is to consolidate data across the industry, from brands to distributors and grocery stores, so that each individual link in the food chain can better cope with comparing their supply with their demand on an individual basis.
Since the beta release, Crisp has gone beyond retail and distribution brands and food suppliers. The company also went beyond manufacturing and dairy products to industries such as beverages, baked goods, CNG, flowers, meat and poultry. The startup says that since January, the number of customers using the platform has increased by 80 percent.
Obviously, the coronavirus pandemic has its own unique challenges and business opportunities for Crisp. On the one hand, grocery store purchases are developing rapidly, and the supply chain, of course, needs improved data processing and demand forecasting, as user behavior is changing rapidly. User behavior, on the other hand, is changing rapidly.
Depending on the state, and sometimes on blocking by county and changing restrictions on small businesses, Crisp had to manually track what was happening across the country to provide a clear view to its customers.
“During this period, we increased this willingness to share data and strengthened collaboration between everyone in the supply chain,” said founder and CEO of Are Traasdahl. “We saw a big shift there. Previously, everyone assumed that everyone else was able to deliver, but now this ability provides full, downward visibility of the entire company, not only the companies that are near you in your trade relations, but also the ability to unify data. and get more information from a few steps away, and get this data in real time. “
Crisp currently employs 33 people (with hiring plans at the expense of funds), accounting for 33 percent of women and 15 percent of people of color. Half of Crisp’s management team is women.