Syrup, a New York-based company that provides AI-powered planning, buying, and inventory optimization for omnichannel commerce, has raised $17.5 million in Series A funding.
SaaS Investors
The round was led by Accel, with participation from existing investors Gradient Ventures and 1984 Ventures also participated in the round.
Founded in 1983, Accel is a seed and growth-stage venture capital firm that helps a global community of entrepreneurs. The firm prefers to invest in early-stage companies operating in the cloud, software as a service (SaaS), consumer, enterprise, information technology, healthcare, fintech, security, media, and business products & services sectors. The firm has additional offices in San Francisco, London, and Banglore.
Syrup Use of Funds
The company will use the funding to support its expansion and grow its team across engineering, product, and sales.
About Syrup
Syrup is a developer of AI and Machine Learning models designed to predict demand and optimize inventory. The company focuses on apparel and fashion and seeks to support retailers and brands to optimally produce, procure, and allocate their inventory, to stock-outs and excess inventory, enabling clients to make more sustainable and profitable inventory decisions. Syrup's solution focuses on improving forecast accuracy for inventory planning, reducing overproduction, and minimizing the cost of stockouts and wasted inventory. Syrup's AI-powered platform simplifies inventory buying, allocation, replenishment, and rebalancing to improve revenue and operational efficiency. Brands like Faherty, Desigual, and Reformation use its platform to optimize inventory.
Funding Details
Company: Syrup Tech, Inc.
Raised: $17.5M
Round: Series A
Funding Month: December 2023
Lead Investors: Accel
Additional Investors: Gradient Ventures and 1984 Ventures
Company Website: https://syrup.tech/
Software Category: Predictive Inventory Optimization Software
Source: https://www.prnewswire.com/news-releases/syrup-secures-17-5m-to-help-retailers-accurately-predict-and-meet-consumer-demand-with-ai-302002865.html