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

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Dec 16, 2021, 08:00 ET

TEL AVIV, Israel, Dec 16, 2021 /PRNewswire/ -- 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.

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."

Contact
Raviv Kula, CEO FruitSpec
[email protected]
Tel: +972.3.375.3101

About Amathaon Capital
Founded in 2020, Amathaon is a Munich-based venture capitalist focused on early stage AgTech and AgBioTech companies. Amathaon focuses on sustainable solutions to enable the implementation of the European Green Deal and to address the growing global labor shortage in agriculture. In this way, Amathaon Capital helps founders to shape the most important part of our food production in a sustainable way.
https://www.amathaon.com

About Ocean Azul Partners
Based in South Florida, Ocean Azul Partners is an early-stage venture capital firm passionate about helping entrepreneurs develop innovative technology solutions. Ocean Azul primarily focuses on B2B software and deep tech companies that have early traction and clear differentiation. They invest in companies that are either solving new challenges created by emerging technologies and trends or are focusing on established industries that are ripe for disruption. What differentiates this team is their ability to use their operational experience and networks to support entrepreneurs and scale companies that will shape the futures of their industries. For more information, visit www.oceanazulpartners.com

About Smart Agro
Smart Agro held its IPO on TASE in October 2020 as the Smart Agro R&D Partnership and since then raised NIS 48 million. The Partnership, which is managed by Dganit Vered, invests in agro-tech companies with significant R&D at their growth stage. The Israeli market is considered innovative in technologies and the agricultural industry. Smart Agro's team works with its portfolio companies to grow toward becoming a $1B company.

About The Trendlines Group
Trendlines invests in and incubates innovation-based medtech and agrifood technologies to fulfill its mission to improve the human condition. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development to business building. Trendlines' shares are traded on the Singapore Stock Exchange (SGX: 42T) and in the United States as an American Depositary Receipt (ADR) on the OTCQX International (OTCQX: TRNLY).

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SOURCE FruitSpec