Independent grocery stores like Zanotto's Market in San Jose or Berkeley Bowl Marketplace account for a third of U.S. grocery sales, according to industry figures.
Even so, unlike the big supermarket chains, many of these smaller grocers don't have the wherewithal to invest in the kinds of technologies that might allow them to more easily run their businesses. The folks behind Vori Inc. hope to level the playing field.
Their East Palo Alto startup offers software designed to help such independent stores — which CEO Brandon Hill dubs "the rebels" — quickly and easily track and replenish their inventory. According to the company, its service can reduce stores' restocking time by as much as 80%.
"I'm proud to say we are arming the rebels by providing food entrepreneurs with affordable and agnostic technology that streamlines their businesses, allowing them to stay competitive," Hill, who is also one of Vori's co-founders, said in a press release.
Launched on the eve of the Covid-19 pandemic, the company just got some help of its own. Vori announced Wednesday it's raised $10 million in Series A funding. The company plans to use the new money to grow its staff and further develop its service, it said in the news release.
Here's more on Vori's round and other Series A funding news from this past week:
AvicenaTech Corp., Mountain View, $25 million: Samsung Catalyst Fund, Clear Ventures and Micron Ventures led the round for this developer of optical cables used for chip-to-chip communications in computing systems. Cerberus Capital Management also participated.
Mosey Works Inc., San Francisco, $18 million: Canaan Partners invested in this provider of a service that helps companies comply with local regulations when they hire remote workers.
Parli Inc. (dba Vetted), San Francisco, $15 million: Insight Partners led the round for this provider of a shopping search service. Index Ventures, Bling Capital and Golden Ventures also invested.
Leap Technologies Inc. (dba Leapfin), a San Mateo, $12.2 million: Crosslink Capital led the round for this provider of financial data management software for corporations. Work-Bench Management and Uncorrelated Ventures also invested.
Vori Inc., East Palo Alto, $10 million: The Factory led the round for this provider of software that helps grocery stores and supermarkets track their inventory and place orders with suppliers. Greylock Partners, E2JDJ, MKT1, and Mollie Stone’s Markets also invested.
