- Finland Relex Solutions raised $ 500 million ($ 568 million) for its software platform, which automates retail supply chains, helping grocers reduce food waste and better meet consumer demand.
- Blackstone Growth, an asset management division in New York City Blackstoneled a round involving several other institutional investors.
- Relex said it was using the funds to hire “hundreds of developers and experts.”
Why it matters:
Grocers and other retailers use the Relex Living Retail Platform to decide which products and when to buy. According to Relex, the platform relies on “AI-based demand forecasts” that operate across the supply chain, from retail stores to distribution and execution centers.
This can reduce retail food waste, which is 13% with 931 million tons of food annually globally. Approximately 8-10% of global greenhouse gas emissions are related to food waste.
More accurate forecasting also allows companies to respond more quickly to changes in consumer demand and unexpected supply chain disruptions.
The best investment opportunities throughout the food supply chain – read more here
As the size of this round is emphasized, the demand for the Relex solution is growing. The company, which now has offices across Europe as well as Asia and Oceania, has increased its customer base to more than 350 customers in 2021 and has doubled its software revenue. Among the customers are grocery stores and supermarkets Marx and Spencer and Morrison in addition to non-food chains such as Dollar tree, PetSmartand Sephora.
https://agfundernews.com/relex-solutions-raises-568m-to-help-grocery-retailers-fight-food-waste-and-supply-chain-disruptions Relex Solutions raises $ 568 million to tackle food waste and supply chain disruptions