Monday, September 25, 2023

Fruit Yield Management Company, FruitSpec, Raises USD5M Funding Round to Scale Globally

FruitSpec, is pleased to announce that it has completed an investment round of $5 million led by Amathaon Capital, a European agtech investment company, Ocean Azul, a North American early stage venture capital firm and Smart-Agro, an R&D partnership traded on the Tel Aviv Stock Exchange specializing in agro-food investments. The round was supported by current investors, The Trendlines Group and Agriline, a trust of which Vincent Tchenguiz is a discretionary beneficiary.

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FruitSpec’s “Yield Management Platform” provides digital visibility of fruit yield data to all supply-chain production unit departments, from the farmer, through the picking, packing, and marketing departments. The Yield Management Platform uses an early-season accurate fruit yield prediction technology together with digital tools, allowing customers to optimize yield sales and operations, resulting in increased profitability.

The fruit supply chain is faced with an enormous challenge of supplying fresh produce with on-time availability and quality to the consumer market. Moreover, the fruit supply chain is composed of different disconnected departments, with anachronistic yield information flow between them. Operational inefficiency and misalignment between the demand and planning departments result in losses and hurt profitability.

FruitSpec’s “Yield Management Platform” substantially improves the management of the fruit supply-chain production unit. Using its yield prediction technology and analytic tools, customers can plan, manage and optimize their operational, logistics and commercial decisions at an early season stage, months before fruit delivery. Data accuracy, visibility and analysis enables customers to increase their profitability.

Fresh produce in the US alone is estimated at $5.4B in 2021. The FruitSpec Yield Management Platform is poised to have a major impact on the fruit supply chain, making it more efficient and optimizing harvest to sales by enabling insightful financial decisions. Commenting on the investment, FruitSpec CEO Raviv Kula said, “FruitSpec is growing globally with offices in Chile, the US, South Africa and Spain. The investment funds will be used to expand sales and marketing in these markets and to increase benefits to our customers by introducing new additional easy-to-implement entry level services.”

“We are absolutely thrilled to become part of FruitSpec’s journey”, says Borris Foerster, Managing Partner at Amathaon Capital. “We have been very actively looking for a company with the holistic approach that FruitSpec is offering to customers, which we strongly believe will significantly reduce the current losses across the entire food supply chain, from orchard to global distribution.”

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