Hungryroot, the first and only AI-powered personalized grocery service, announced today that it has raised $40M in a Series C funding round. The financing is led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm. Hungryroot will use the capital to further accelerate growth by substantially increasing the number of groceries and recipes they offer, growing their team, investing in automation technology, optimizing their proprietary personalization algorithm, and scaling marketing—all to help propel grocery shopping into the twenty-first century.
“Hungryroot is pioneering an entirely new way to grocery shop. We leverage proprietary technology to predict and deliver the groceries and recipes that best suit each individual customer’s needs and goals,” said Hungryroot’s Founder and CEO, Ben McKean. “The result is a customer-first, curated experience that reduces the average time consumers spend grocery shopping from two to three hours a week, to just two to three minutes. The days of walking into a giant grocery store with an empty cart and browsing through tens of thousands of items will soon be a routine of the past. Hungryroot does the work for customers so they don’t have to.”
While grocery is the world’s largest retail category at an over trillion-dollar market, it is one of the few industries that is still in the early stages of digital transformation. As more consumers move their grocery routine online, Hungryroot’s AI-enabled platform is paving the way for what grocery will become.Business Wire