Company Overview
Snapshot
Founded in August 2016 by Oded Omer and Yossi Regev, Wasteless operates with 11–50 employees. The company has raised $6.15 million across 8 funding rounds from 6 investors. In December 2022, Wasteless announced its entry into a large Dutch supermarket chain, signifying market expansion and validation of its AI-driven solution.
Business overview
Wasteless provides AI-based pricing engines for supermarkets, focusing on reducing food waste and increasing retailer margins. Its proprietary AI solution tracks product rotation and waste risk, dynamically adjusting prices based on expiration dates. This technology allows customers to choose products with varying discounts based on their shelf life, promoting sustainable shopping and serving the retail and e-commerce sectors, particularly supermarkets, across Europe and the United States.
Strategic signal
In December 2022, Wasteless announced its expansion into a major Dutch supermarket chain, Hoogvliet, alongside two other retailers in the Netherlands. This strategic move demonstrates the company's continued market penetration in Europe and validates the effectiveness of its AI-driven dynamic pricing solution in combating food waste and enhancing retailer profitability. For investors, this signals strong commercial traction and potential for further international growth.
Log in to access full profile ›Company Intelligence Q&A
- What is Wasteless's core technology for reducing food waste?
- Wasteless utilizes a proprietary AI solution that tracks product rotation and waste risk. This technology enables dynamic pricing based on expiration dates, gradually lowering product prices as they approach their expiry to maximize earnings for retailers and offer attractive options to customers.
- Which major European retail chains have adopted Wasteless's technology?
- Wasteless has been implemented in stores in Germany and Slovakia, and in December 2022, the company announced its entry into the Dutch Hoogvliet chain and two other retailers in the Netherlands. The company has also partnered with the METRO chain in Europe, with initial trials in its Makro stores in Poland.
- What was the outcome of Wasteless's pilot project with a Spanish retailer?
- A pilot project with a Spanish retailer, reported in May 2022, demonstrated a 32.75% decrease in waste and a 6.3% boost in revenue for the retailer. This highlights the commercial effectiveness of Wasteless's dynamic pricing system in both reducing waste and improving profitability.
- When did Wasteless raise its Series A funding, and who were the lead investors?
- Wasteless raised a $2 million Series A funding round in October 2018, led by Slingshot Ventures. This funding was intended to expand the company's team, further develop its pricing algorithm, and manage rollouts with additional food retailers.
- How does Wasteless contribute to climate change mitigation?
- Wasteless helps fight climate change by significantly reducing food waste in retail stores. Its data-driven AI-based markdowns optimize pricing for fresh products, ensuring they are sold before becoming surplus food, thereby preventing perfectly edible food from ending up in landfills and generating greenhouse gas emissions.