Boston-based Wellington Management joined other venture firms and corporate entities in a $72 million Series B equity round for Bentonville, Ark.-based Crisp, a supply chain startup targeting the consumer packaged goods, or CPG, industry.
Of the investment, $17 million came from new strategic investors, including Toshiba Corp., Japan’s DNX, Cox and Prologis. So far, Crisp has raised $97 million from investors, including New York’s FirstMark Capital, Blue Cloud Ventures, Spring Capital and 3L, which also has an office in Los Angeles.
Crisp is tackling food supply-chain disruptions caused by climate change and extreme weather “in a very pragmatic and effective way — bringing key players together with real-time data and analytics, to ensure optimal supply meets demand in a dynamic, fast-moving retail environment,” said Molly Breiner, Wellington Management’s sector lead.
With use of AI and predictive analysis, Crisp says its open data retail platform accelerates data-driven decision-making across supply chains, creating new efficiencies and reducing waste. The technology also enables brands to place products precisely where and when consumers want them. Over the past year, Crisp says its roster of customers has expanded 10-fold — from 600 to over 6,000 customers, including more than 80 of the top 100 CPG brands.
“This latest round of funding signals the market’s growing recognition of the need for supply chain solutions that reduce waste and facilitate collaboration at scale,” said Are Traasdahl, the New York-based founder and CEO of Crisp. “Crisp is positioned to lead the CPG industry in these efforts” and create a “zero-waste supply chain,” he added.
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The Norwegian-born Traasdahl has run Spring Capital, one of Crisp’s earliest backers, since 2009, besides being a serial entrepreneur with multiple successes.
Crisp also talks up its role in so-called collaborative commerce. It says its platform aligns with more than 40 retailers representing more than 627 million points of distribution, up from 17 million in 2023. Crisp says UNFI Insights to nearly halve food at risk of spoilage by using the startup’s platform.
“Over the past year, the accelerated brand adoption of the platform is an excellent signal demonstrating they are on the right path,” said Rick Heitzmann, founder and partner of FirstMark Capital. New York-based FirstMark has backed Crisp since its inception.
