Total amount raised
$58.2 Millions
Latest funding date
03/01/2021
Location
Shelf Engine has successfully raised funds through multiple rounds, with its most recent being a Series B that closed on March 18, 2021. The company is backed by 15 investors, including Founders' Co-op and Soma Capital.
Keep reading to explore the intricacies of Shelf Engine's fundraising journey and the investors backing this innovative platform.
What Is Shelf Engine?
Shelf Engine, founded in 2015 by Bede Jordan and Stefan Kalb, is based in Seattle, Washington. The company operates in the grocery, machine learning, predictive analytics, sales automation, software, and waste management industries.
With a team of 101-250 employees, Shelf Engine provides an automated prediction engine that optimizes the ordering of perishable goods. Their technology helps reduce waste and out-of-stocks by forecasting demand and managing the entire ordering process for retailers.
How Much Funding Has Shelf Engine Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 23, 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their automated prediction engine and establish initial operations.
- Seed Round
- Amount Raised: $800K
- Date: February 6, 2017
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their team.
- Seed Round
- Amount Raised: $120K
- Date: August 4, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling their operations and improve their product offerings.
- Seed Round
- Amount Raised: $4.3M
- Date: October 2, 2018
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their machine learning algorithms and expand their market reach.
- Series A
- Amount Raised: $12M
- Date: July 22, 2020
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve their technology platform.
- Series B
- Amount Raised: $41M
- Date: March 18, 2021
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in their team and expand their services to more grocery stores.
Total Amount Raised: $58.22M. Current Valuation: Not publicly disclosed.
Key Investors
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in companies with the potential for long-term, positive change. They support founders from seed to growth stage and beyond.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Airbnb, Stripe, Snap.
- GGV Capital
- Details: GGV Capital is a global venture capital firm that invests in local founders. They have a strong presence in the U.S. and China.
- Investment Focus Areas: Consumer, enterprise, fintech.
- Notable Investments: Alibaba, Slack, Square.
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that focuses on early-stage investments. They have been investing in startups for over 25 years.
- Investment Focus Areas: Fintech, enterprise software, consumer.
- Notable Investments: Netflix, LendingClub, Sunrun.
- Initialized Capital
- Details: Initialized Capital is an early-stage venture capital firm that invests in high-potential startups. They were one of the first investors in Coinbase.
- Investment Focus Areas: Technology, fintech, consumer products.
- Notable Investments: Coinbase, Instacart, Reddit.
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital arm of Bain Capital, focusing on early to growth-stage investments. They have a strong track record in scaling companies.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
What's Next for Shelf Engine?
Shelf Engine stands at the cusp of significant growth opportunities. With its intelligent forecasting and order automation system already operational in over 2,000 grocery stores, the company aims to expand its reach further. The potential to reduce the 43 billion pounds of food waste annually presents a massive market for their solutions. As the grocery industry increasingly adopts advanced technologies, Shelf Engine is well-positioned to capitalize on these trends.
Future fundraising appears promising, given the successful Series B round and strong investor interest. The company may seek additional funding to scale operations and enhance its technology platform. However, challenges such as competition from other tech startups and integration with diverse grocery systems could pose hurdles. Ensuring the accuracy and reliability of their forecasting models will be crucial as they continue to grow.
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