When AfroTech last spoke with Forbes 30 Under 30 Black Honorees Brandon Hill and Tremaine Kirkman, their startup Vori had secured $5.7 million in funding. This year, the digital B2B wholesale app has raised even more capital to disrupt the grocery industry.
Series A Round
Vori has announced the completion of a $10 million Series A funding round, according to a press release shared with AfroTech.
The round was led by The Factory, with participants including Greylock, E2JDJ, MKT1, and Vori flagship customer, Mollie Stone’s Markets.
“At Vori we believe in using technology to ensure communities have access to the goods they need – starting with food. To accomplish this, the playing field between small businesses and the mega corporations needs to be leveled,” said Hill in a statement. “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. This investment will allow us to expand our team and product to better meet the growing needs of the grocery industry, and to help our customers manage their supply chains, optimize labor, and keep up with evolving market trends and consumer needs.”
Currently, Vori’s total funding stands at $15.3 million.
Andy Jacques, CEO & Managing Partner, The Factory shares a statement:
“At The Factory, we pride ourselves on not just identifying innovative companies, but working alongside them,” he shared. “Vori’s technology will greatly improve the way grocers are managing their supply chain and inventory. At a time where we are seeing essential products experience historic shortages and all industries experiencing record-breaking inflation, Vori’s technology is extremely needed.”
He added: “We are excited about this venture and looking forward to working with the company as it further expands nationwide.”
Expansion of Vori
As aforementioned by Hill, Vori is set to grow its team and products. Additionally, the funding will go toward Vori Back Office, “which enables grocery stores to reduce shrink and increase efficiency by digitizing manual, human error-prone, and time-consuming tasks.”