In the rapidly evolving consumer packaged goods (CPG) industry, data has emerged as a pivotal force in supply chain optimization. By harnessing the power of data, companies are revolutionizing their approach to demand forecasting, inventory management, and operational efficiency. This data-driven strategy enables businesses to make well-informed decisions, elevate product quality, bolster sustainability efforts, and respond with agility to market fluctuations and unforeseen disruptions. At the forefront of this data revolution is Crisp, an innovative data insights and connectivity platform. Crisp has positioned itself as a crucial link between CPG brands, distributors, and over 40 leading retailers, providing real-time access to point-of-sale (POS) and inventory data. The company’s approach marks a significant shift from the traditional “walled garden” mentality often associated with retail data. Crisp’s platform fosters a collaborative ecosystem where brands and retailers can work together to achieve mutual benefits. This synergy is driving sales growth, enhancing marketing strategies, and enabling more precise forecasting. Additionally, it’s optimizing pricing structures, streamlining inventory management, and contributing to waste reduction—a key concern in today’s sustainability-focused market. The industry’s response to Crisp’s value proposition has been overwhelmingly positive. Since its last funding round in February, the company has witnessed explosive growth, with its client base skyrocketing from 600 to over 6,000 customers.
AlleyWatch caught up with Crisp CEO and Founder Are Traasdahl to learn more about the business, the company’s strategic plans, latest round of funding, which brings the company’s total funding raised to $97M, and much, much more…
Who were your investors and how much did you raise?
We recently announced the closing of a $72M Series B equity round, including $17M from new strategic investors from Wellington Management, Toshiba Corporation, DNX, Socium Ventures, and Prologis as well NY-based FirstMark, who have been with us since the beginning. The new investments bring the total equity raised by Crisp to $97M since inception.
Tell us about the product or service that Crisp offers.
Crisp’s platform empowers CPG companies to reduce waste and increase profitability by connecting manufacturers, distributors, and retailers to real-time POS and supply chain data. The platform normalizes data from 40+ retailers and distributors representing more than 627 million points of distribution. This enables faster decision making and unlocks greater visibility and collaboration across the supply chain to help manufacturers and retailers optimize logistics, distribution, and promotions down to the store level, reducing waste by ensuring products are sold at an optimal rate.
What inspired the start of Crisp?
I have been building companies for over 20 years. Before Crisp, I founded Tapad, which helped lead the programmatic transformation in the advertising industry. After selling Tapad, I spent a year traveling the world with my family, visiting over 30 countries. Crisp was born out of a passion for reducing food waste. While I was traveling, I witnessed first-hand the disparities of the food supply chain. After hundreds of hours of research and meetings with experts in the industry, I concluded that much of the waste was due to slow moving, inaccurate, or unusable data that causes overstock or understock. The industry operates under a reactive rather than proactive approach. Transforming the industry requires real-time data, communication, and collaboration across the supply chain, and so Crisp was born.
How is Crisp different?
We are on a mission to help CPG brands and the food industry reach near zero waste. We are uniquely positioned to help brands leverage POS and supply chain data to identify and predict trends in supply and demand, mitigate supply chain disruptions, and move products that are potentially at risk of spoilage. Crisp is the only agnostic platform that ingests, normalizes, analyses and distributes data regardless of source or destination. Our collaborative commerce approach is helping the retail industry make zero-waste supply chains a reality.
How has the business changed since we last spoke after Crisp’s Series B extension in February?
Since our Series B extension announced earlier this year, we have rapidly expanded our customer base. Over the past year, we’ve grown from 600 to over 6,000 customers, including more than 80 of the top 100 CPG brands. We work with more than 40 retailers representing more than 627 million points of distribution, up from 17 million in 2023. We plan to use the new funding to expand our reach into CPG and retail channels through new features and functionality within our platform, support new data partnerships and grow the business through strategic hires.
What was the funding process like?
We have a very supportive group of investors that believe in the long-term opportunity and mission of Crisp and are excited to see continued participation across existing funders, such as FirstMark, and receive the support of new strategic investors including Wellington Management, Toshiba Corporation, DNX, Socium Ventures, and Prologis.
What factors about your business led your investors to write the check?
We create tangible, measurable results for clients and are experiencing rapid growth. In the past year, our customer base and points of distribution increased dramatically, while demonstrating that our inventory management and supply chain solution can reduce waste and facilitate collaboration at scale. Investors see the financial opportunity, as well as sustainability advancements we are making in the CPG industry.
“Climate change and extreme weather are putting additional pressure on partners across the food supply chain to enhance visibility, drive efficiency, and reduce waste at every stage. Crisp is tackling this in a very pragmatic and effective way—bringing key players together with real-time data and analytics, to ensure optimal supply meets demand in a dynamic, fast-moving retail environment,” said Molly Breiner, Sector Lead, Wellington Management. “Crisp’s data-centric approach to food waste aligns with our investment priorities to further scale transformative climate solutions.”
What are the milestones you plan to achieve in the next six months?
Continue to expand our presence in the Northwest Arkansas region, home to Walmart and their suppliers, and Minneapolis, home to Target and their suppliers.
Grow the business through strategic hires that advance our continued innovation for the retail industry, including a strategic focus on AI and developing a semantic layer for retail.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Tangible results are necessary to show investors that there will be an ROI on their investment. If you are able to vision cast where the company is going and growing and back that with real data, you set yourself up for success.
Where do you see the company going now over the near term?
We are growing rapidly in the Northwest Arkansas and Minneapolis markets by connecting CPG brands with the data they need to strengthen relationships with retail partners.
What’s your favorite fall destination in and around the city?
Sunken Meadow State Park has beautiful fall foliage and trails to walk.
