The Rounds, an inventory management platform specialising in recurring grocery and household essentials in reusable packaging, has successfully completed a $24m Series B funding round.
The investment is led by Moderne Ventures and supported by FJ Labs and existing stakeholders.
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The company plans to use proceeds from the investment towards scaling its AI-powered service.
It will enable The Rounds to focus on profitable growth within its current markets, enhance its team with machine learning and data science experts, and launch into new territories.
This financial brings the company’s total funding so far to $66m.
Since its Series A, The Rounds has achieved a sixfold increase in revenue, opened a facility in Washington, D.C., initiated cold chain operations, and strengthened its closed-loop supply chain with local vendors.
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By GlobalDataThe company’s business model revolves around sourcing products directly from producers in bulk, refilling them in reusable packaging, and delivering them weekly through its bespoke two-way last-mile logistics network.
The Rounds co-founder and CEO Alex Torrey said: “Sustainability has been at our core since day one. According to the EPA [Environmental Protection Agency], more than 82 million tonnes of packaging waste is discarded every year and less than 10% is recycled.
“By applying machine learning to provide smarter prediction on when everyday items in your home need to be refilled and sharing personalised product recommendations, The Rounds offers a better solution for managing your recurring essentials and we’re breaking the mould of quick commerce with a sustainable path to profitable long-term growth.”
Recently, the company introduced AI-enabled features that allow members to customise their ‘Refill Day’ and manage product refills either on a one-time or recurring basis with the ‘Psychic Home Manager’ feature.
The Rounds has also broadened its product range with over a hundred new stock-keeping units, including fresh produce and local goods.
The Rounds’ board of directors has also been bolstered by the addition of Gad Allon, a professor at the Wharton School of Business and director of the University of Pennsylvania’s Management & Technology programme.
