Halla plans to use the funds to double the number of stores it's in as well as its employee count. Here are the top-line bullets you need to know.
Halla, an AI-powered grocery recommendation platform, has raised $4.5M in a Series A funding round. The round drew participation from SOSV, Food Retail Ventures, and undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- California-based Halla’s API-based digital platform helps grocers predict and recommend products and substitutes to consumers. The company’s solution integrates with existing grocers’ e-commerce platforms.
- According to the company, a US grocer is running Halla’s technology in more than 1,100 e-commerce storefronts.
WHY DOES THE MARKET MATTER?
- The artificial intelligence in the food and beverage market is projected to grow at a CAGR of 45.77% and reach a value of $29.94B by 2026, according to Mordor Intelligence.
- Covid-19 accelerated the shift to online grocery shopping last year, and grocery startups have garnered more than $10B in venture funding this year.
- The increasing need for personalization to retain and gain new customers, growing competition, and technological advancements have all contributed to industry growth.