Upshop, Invafresh Reveal Merger
Upshop and Invafresh have unveiled the merger of the two food retail tech companies. Together, they aim to tackle the crucial food-sector challenges of availability, affordability and waste. The united entity, which will be known as Upshop, was created to facilitate better access to fresh, safe and affordable food, whether prepared, perishable or shelf-stable.
According to the companies, their combined organization offers the first global retail enterprise operating platform built to deal with the complexities of food. Leveraging a single app, the unified platform will be used by more than 400 retailers across 35 countries, operating in 50,000-plus stores and affecting millions of associates and shoppers daily.
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“We do not settle for better; we strive for the best from our platform, our people and our partnerships with food retailers,” noted Upshop CEO Shamus Hines. “The impact our technology has on retailers’ supply chains means millions of families will have access to the freshest and healthiest food every day.”
The merger comes at a key moment for the food retail industry. FSMA 204, a major FDA compliance requirement, is driving the market to enhance data traceability capabilities. Upshop plans to formally launch its solution in this space at the end of the month, combining the best of both organizations’ food safety product suites.
Further, food waste is a global problem needing a more comprehensive solution that can support all steps in the food waste process; prevention, rescue and reporting. In response, Upshop is readying the launch of a global Food Waste Initiative, powered by its product suite, analytics and industry partnerships.
“By uniting the unparalleled innovation of two industry leaders in food retail technology, we’re poised to redefine what’s possible for the global community… retailers, associates and shoppers alike,” said Sarah Sommer, co-founder partner at New York-based middle-market growth capital firm Level Equity. “We are intent on investments that bring profound impact to the industry. This is yet another huge step in Upshop’s mission to elevate the future of food retail on a global scale.”
With the merger, retailers around the world will have access to such solutions as fresh inventory and ordering management that has driven eight-figure savings for a top-three North American grocer, more efficient omnichannel order fulfillment, and total control of direct store delivery.
“We seek partners who enhance our organization's intelligence and streamline processes,” observed Scott Kessler, EVP, CIO at Northeast Grocery Inc. (NGI). ”Integrating fresh operations with center store ordering enables a more connected ecosystem, simplifying tasks for our store teams. When our teams win, shoppers win.”
Baird was exclusive financial advisor and Davis Polk was legal counsel to Mississauga, Ontario-based Invafresh, while William Blair & Co. LLC was financial advisor and Goodwin Procter LLP was legal counsel to Tampa, Fla.-based Upshop.
(NGI), based in Schenectady, N.Y., is No. 49 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. NGI was also named among PG’s 2024 Top Regional Grocers.
