Aforza secures USD 22 million in a Series A funding round by DN Capital

Aforza secures USD 22 million in a Series A funding round by DN Capital

by Pranali Mehta

Aforza, a consumer goods software company, has reportedly secured USD 22 million in a Series A funding round that was led by DN Capital.

For those unaware, Aforza’s technology is based on the Salesforce and Google Cloud platforms for consumer goods companies to digitally modify product distribution and consumer participation. The platform recommends products using artificial intelligence and can predict orders of a retailer with promotions and pricing based on factors like locations.

Despite the fact global consumer-packaged-goods app market is anticipated to reach USD 15 billion by 2024, this industry vertical still runs on outdated platforms that lead to a loss of approximately 5% sales in some cases when goods are out of stock.

CEO Dominic Dinardo and co-founders, Nick Eales and Ed Butterworth launched Aforza in 2019. The company then managed to raise seed funding from Bonfire Ventures, Next47, DN Capital, Daher Capital, and Salesforce Ventures.

Dinardo mentioned that even before the pandemic the consumer goods industry was confronted with new entrants and nasty legacy systems, but then the pandemic also closed pathways to customers. He further added that Aforza’s mission is to enhance the lives of consumers by offering sustainable products and packaging solutions as well as assist the companies to be more active and handle unpredicted changes.

Brett Queener, a partner at Bonfire Ventures, stated that the consumer goods industry is a prominent industry with a powerful reason to transform the technology as consumers started anticipating instant availability with many emerging startups approaching the direct-to-consumer space. With Aforza, those startups can make a product that works both offline and online on any device.

Dinardo plans to spend the new funding to continue research & development and double its employees over the upcoming months as it builds its new U.S. headquarters in the Northeast. It is already operating with consumers in 20 countries.

Source Credits:

https://techcrunch.com/2021/08/12/consumer-goods-software-company-aforza-bags-22m-to-open-u-s-headquarters/

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...