Tech Startup Focused on Reusable Packaging Gets Additional $24M
An AI-driven platform that delivers groceries and household essentials in reusable packaging has gotten a major boost. Inventory management solution provider The Rounds announced that it received $24 million in Series B funding, bumping up its total funding to date to $66 million.
The latest fundraising round, with support from Modern Ventures and FJ Labs among other investors, will help the startup company enhance and expand its AI-powered services that work towards a more circular economy. The Rounds shared that it will use the capital to expand its team, launch new markets and build on growth in existing markets.
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“The Rounds creates a better experience for our members that wastes less than the alternatives. To date, we've saved over one million pounds of packaging waste, proving sustainability does not have to come at the expense of convenience," said Alex Torrey, co-founder and CEO.
To Torrey’s point, The Rounds aims to curb package waste by sourcing products locally and directly from producers in bulk and then refilling orders in reusable packaging. Items are delivered to members on a weekly schedule using a proprietary two-way last mile logistics network. The fresh funding will enable the company to update its machine learning capabilities for smarter production on refill times and for more personalized product recommendations.
The company has continually improved its use of technologies. Recently, The Rounds introduced new features that allow customer to choose their own “refill day” or have products managed on a recurring basis using its "Psychic Home Manager" feature. Also this year, up to a hundred new SKUs were added, including fresh produce, local goods and household staples.
Members can order a wide variety of products across several categories through The Rounds, from almond milk to Cacio E Pepe mac and cheese to upcycled pasta. In addition to fresh foods, ready-to-eat meals, grocery staples and household products, shoppers can use the platform to get seasonal, pet and alcohol items. The company was founded in 2019 and offers services in Philadelphia, Washington, D.C. and Atlanta.
