ShopWell, maker of the popular nutrition-driven food discovery app has announced it securing $3.4 million in Series C round of funding led by Finistere Ventures along with Fairhaven Capital, Munich Venture Partners, S2G Ventures and ATA Ventures. With this funding, the total funding of the company raises to $11.4.
The startup ShopWell is America’s no 1 free, personalized food discovery platform that grades food on the basis of individual’s age, gender, dietary goals and allergies. It’s patented algorithm investigates the ingredient, nutrition, location and popularity of more than 300,000 UPCs to recommend which is better for the shoppers. The technology, data and analytical tools of the platform helps the food retailers and manufacturers in better understanding of the shopper behavior and personalized programs helps to build loyalty.
Elliott Grant, CEO of ShopWell in a statement said, “We are at an inflection point. Today’s health-conscious consumers want help making smart choices at the grocery store — and the industry is paying attention. By listening to consumers and partnering with top retailers and food manufacturers, we aim to become the go-to personalized nutrition platform for today’s mobile-savvy consumers. We need to work together to make it easier for people to eat well — especially the millions of American shoppers and their families trying to adhere to special dietary restrictions, manage disease states, or avoid the consequences of allergens.”
The fresh funds raised has been planned to be invested in the continued growth of the company as the consumers, retailers and food manufacturers respond to the increasing demand for healthy food.
“At Finistere, we invest in companies that are disrupting the food value chain. Based on its unique offering and underscored by the exceptional leadership team, big data platform, and intuitive user interface, we believe ShopWell is destined to be the winner in nutrition-based wellness applications that will help make all of our food higher quality food,” said Spencer Maughan, Partner at Finistere Ventures.
Till date, the app has been downloaded 2 million times and more than 50% of ShopWell scan activity happens inside a grocery store. ShopWell reports that the app has been used inside more than 137,000 stores, which depicts around 90% of US-based grocery chains and that many app user manage chronic health conditions of food allergies.