Tastewise, the AI-powered platform that helps food brands bring products to market based on consumer data, announced last week (March 2nd) that it has raised $17 million in a Series A funding round. The round was led by Disruptive AI, who joins existing investors PeakBridge and PICO Venture Partners.

Food for thought

The way people choose what to eat and drink is transforming, especially in the face of the global pandemic, climate change, new technologies, and increased interest in health. For example, the COVID-19 pandemic accelerated a massive revolution in the ways people eat and drink; when compared to 2021, today, 25% more people are interested in sustainable food, and 33% more people eat and drink for functional wellness. The changes in what food and beverages we eat will persist, as the world continues to evolve in many ways. Since today’s eaters and drinkers are more informed, more demanding, more digital, and constantly changing their needs and preferences, the food and beverage industry is challenged to keep up. Tastewise, the Israeli food branding platform, is trying to equip brands with the right material to stay ahead of the game.

AI is a key ingredient

Tastewise is the leading provider of food delivery analytics that helps food brands connect with restaurants across multiple geographies. They are set in providing the food industry with data-driven solutions for new product development, marketing, and foodservice sales. Essentially, they are helping brands make smarter decisions for a healthy, sustainable, and delicious future. They utilize data about consumer rate of change and industry innovation from a slew of data points across social media, recipes, and restaurant menus, to help the food industry discover new flavours and product ideas, develop content for marketing campaigns, and accelerate sales opportunities with restaurants and retail. Tastewise has a proven track record, having accurately predicted the rise of several trends in the past few years, including the rise of health as a driver for plant-based food and drink, the rise of functional health being a factor for food and drink purchases, and the influence of digitalization on how, when, and what people eat; Tastewise has demonstrated to the food and beverage industry that leveraging AI with their platform will be a necessity for business resilience.

Tastewise has had rapid growth in the past year as it has tripled its revenues between 2021 and 2021. They work with food brands, manufacturers, ingredient companies, and flavour houses, with a broad customer base from Fortune 500s, such as Nestle, PepsiCo, Kraft Heinz, and Campbell's to industry newcomers like JustEgg. With the new capital, Tastewise hopes to expand into new markets including Canada, Australia, Germany, France, and India.

Founded by Alon Chen(CEO) and Eyal Gaon(CTO) in 2018, Tastewise has raised a total of $21.5 million to date.