Spoonshot Inc., a platform that spots and predicts food trends, has raised $1 million (Rs 7.33 crore) in seed funding.
The round in the United States- and Bengaluru-based startup has been led by SRI Capital, company co-founder Kishan Vasani told VCCircle.
SRI Capital is an early-stage investor focussed on software-as-a-service and deep-technology startups in the US and India.
Other companies in SRI Capital’s portfolio include financial technology firm Shubh Loans, digital wellness platform Healthify, fitness company Fitso, and fake reviews-focussed Fakespot.
This capital infusion takes the total amount raised by Spoonshot to $1.8 million, according to a report in Analytics India Magazine. Prior to this, Spoonshot raised $400,000 (around Rs 2.7 crore) in a pre-seed funding round from Techstars’ food and agriculture technology accelerator Farm to Fork, as well as United Kingdom-based Arts Alliance Ventures.
Spoonshot was founded by Vasani and Sai Sreenivas Kodur in 2015. According to its website, the company says it leverages artificial intelligence (AI) and food science to spot and predict food trends. It also provides personalised insights and flexible pricing.
It will use the capital it has raised to accelerate its growth as well as build out its team and enhance its technological infrastructure, Vasani told VCCircle. He added that the company has grown its revenue by 220% so far this year as compared to 2019.
In October 2018, the company acquired Hyderabad-headquartered restaurant analytics startup Brisky for an undisclosed sum. The platform advises restaurants on how to target clients and increase guest loyalty based on the data it collects on customers.
Spoonshot is among the few AI-backed food and beverage-science-focussed startups to raise funding recently. Last month, multinational digital transformation solutions firm UST Global invested in sensory sciences and customer experience firm Tastry Inc.