Invafresh, a leading AI and machine learning company specializing in demand forecasting and sustainability solutions for the grocery retail sector, has announced its acquisition of Whywaste, an end-of-life product platform for grocery retailers and convenience stores. The move aims to address the growing issue of food waste, which amounts to a staggering 1.3 billion tons of food valued at $1 trillion lost or wasted annually worldwide.
By integrating Whywaste’s advanced date checking, markdown price optimization, and donation platform capabilities, Invafresh aims to enhance its AI and machine learning-powered Fresh Retail Platform and further expand its global footprint. Tim Spencer, CEO of Invafresh, expressed excitement about the partnership, highlighting the talent and quality of Whywaste’s products. He emphasized the potential of this collaboration to help grocery retailers reduce food waste profitably and play a significant role in the sustainability movement.
Food waste has become a pressing concern globally, with predictions indicating a 70% increase by 2050 if no action is taken. Recognizing this issue, companies like Rubicon Technologies have been actively working to divert significant amounts of waste from landfills, while others, such as Denali, are focused on processing and recycling food waste into useful products like compost, animal feed, energy, and fertilizer.
Whywaste, headquartered in Gothenburg, Sweden, collaborates with major retailers including ASDA, Tesco One Stop, SPAR International, and Coop Sweden. Through its platform, the company helps these retailers reduce food waste, ensure regulatory compliance, and increase profitability. According to Whywaste, its customers typically experience 30% less waste and a 17% revenue increase by optimizing discount pricing.
John Harmon, a senior technology analyst at Coresight Research, highlighted the financial impact of food waste in the United States, estimating a total of over $650 billion wasted in 2022. He also emphasized that 63% of grocery retailers consider food waste reduction crucial in meeting their corporate sustainability goals. Harmon believes that by combining Whywaste’s waste reduction tools with Invafresh’s AI-enhanced demand forecasting capabilities, retailers can make significant strides in achieving their sustainability objectives.
The acquisition of Whywaste by Invafresh underscores the pressing need for innovative solutions to tackle the growing food waste crisis. With its enhanced capabilities, Invafresh aims to empower retailers to reduce waste, improve profitability, and contribute to a more sustainable future. This strategic partnership heralds a new chapter in the fight against food waste and has the potential to make a significant impact on both the retail industry and the environment.
Overall, the acquisition aligns with an increasing global focus on sustainability and corporate responsibility. It not only provides a practical solution to reduce food waste but also demonstrates the power of AI and machine learning in driving positive change. As Invafresh and Whywaste join forces, their combined expertise and technologies have the potential to shape the future of the grocery retail industry and contribute to a more sustainable and responsible world.
