Israel-based food technology company providing first-time freshness data to optimize the freshness of foods, Evigence raised USD 18 million in recent financing. The Series B round took place on January 17, 2023. Cleveland Avenue led the funding for the company. Meanwhile, existing investor Landa Ventures provided the investment. Besides, Planet Capital and Food Retail Ventures joined in the round.
Purpose of financing for Evigence
With the latest proceeds from Series B, Evigence intends to fuel its continued development of the company’s solution. Meanwhile, the company has plans to focus on advanced data collection and analytics capabilities.
Besides, the company aims to launch additional commercial partnerships in the US and Europe.
Evigence recently launched its Freshness Management System with meal kit delivery company Marley Spoon by Martha Stewart. Marley Spoon implemented the Evigence solution to ensure 100% compliance with its rigorous food safety standards. It also provides a freshness guarantee to its customers. The program saw impeccable results such as high consumer engagement and satisfaction, with 85% indicating that they would like to see the program continued.
What the company’s official has to say
Evigence Founder & CEO Yoav Levy, said, “At Evigence, we aim to redefine the way the world manages fresh food. Today there is no objective way to measure freshness. Small variations in temperature during transit or storage can lead to the waste of perfectly good food on one end of the spectrum or problems with food safety on the other end. Date codes don’t account for these fluctuations. We want to change the paradigm.”
What the lead investor has to add
Keith Kravcik, Chief Financial and Investment Officer, Cleveland Avenue, further added, “Evigence’s technology enables the quantification of freshness and comes at a pivotal moment for our food system. By adding transparency to food supply chains, we can reduce waste and inefficiencies, providing significant cost savings for foodservice companies, retailers and food brands.”
About the company
In 2015, Founders Dietrich Haarer and Yoav Levy launched the company. Evigence’s Freshness Management System combines sensors and data analytics to empower food brands, retailers, and food service providers to measure and manage the freshness of foods in real-time, at the unit level, from end-to-end across the supply chain.
The company holds 25 granted patents and is one of just two companies globally meeting strict World Health Organization standards for vaccine vial monitoring. Using the company’s platform, Evigence customers can ensure food quality and safety, extend shelf life, reduce food waste, improve operational efficiency and build consumer trust.
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