Funding Secured at $50 Million for Expanding GenAI Tools in the Food Sector

Tastewise, a GenAI platform that powers execution for the food and beverage industry, has announced a successful Series B funding round of $50 million. The funding round was led by TELUS Global Ventures, with participation from Duo Partners, Peakbridge, Disruptive AI, PICO, and other prominent investors such as Tiger Global, Slack Fund, and FJ Labs.

With this new funding, Tastewise aims to scale globally, focusing on North America, Europe, and APAC. The company's platform is designed to enhance agility, efficiency, and competitiveness in the F&B industry, helping brands act on consumer insights and stay agile, relevant, and ahead of change.

The F&B industry is experiencing disruption due to surging ingredient prices, shrinking shelf space, and pressure to keep pace with rapidly changing consumer preferences. Tastewise addresses this gap by combining brand data with trillions of real-time food signals to automate marketing and sales execution.

One of the key benefits of Tastewise's platform is its ability to uncover what drives consumers. This insight helps brands to act on that insight and navigate ever-evolving consumer demand. Kraft Heinz, one of the world's top food and beverage companies, is already using Tastewise's platform. Peter Hall, Kraft-Heinz President of Away-from-Home, North America, stated that Tastewise's generative AI accelerates their execution speed and enables them to proactively anticipate and deliver relevant innovations.

The private label market share is growing 4 times faster than national brands. Tastewise's platform is said to play a crucial role in this trend, helping brands to adapt to consumer preferences and stay competitive.

Alon Chen, CEO and co-founder of Tastewise, expressed his excitement about the funding round, stating that it will fuel Tastewise's growth and expand its toolset, deepening its integration with leading marketing technology stacks. Terry Doyle, Managing Partner of TELUS Global Ventures, shared similar sentiments, stating that Tastewise is redefining how companies navigate ever-evolving consumer demand by turning complex data into revenue-generating action.

TELUS Global Ventures is proud to support Tastewise in bringing GenAI to the F&B industry, aiming to accelerate the adoption of AI-driven marketing and revenue. The Series B financing for Tastewise is backed by investors including Tiger Global, Slack Fund, and FJ Labs to promote the company in North America, Europe, and APAC.

Tastewise currently supports 80% of the world's top food and beverage companies, including Mars, Campbell's, and Kraft Heinz. With the new funding, the company is poised to expand its reach and continue revolutionizing the F&B industry.

Notably, 91% of menu changes last quarter were price increases, averaging more than $1. The ability of Tastewise's platform to help brands adapt to these changes and continue delivering innovative, consumer-driven products is a key factor in its success and growth.