Torg secures 2.7 million euros in seed round

AI is changing the food industry. Find out how Torg is making the procurement of food & beverages easier and what will be done with the fresh funds.

Berlin, 9 April 2024 - Berlin-based B2B startup Torg has raised 2.7 million euros in a seed round to revolutionize the purchasing process with its AI-powered platform. The financing round was led by Connect Ventures, supported by FoodLabs and new investors such as Sondo, Ventures Together, Sameer Singh and Jonas Meynert. The fresh capital will be used to further develop the platform, expand the supplier database and create more intuitive tools for buyers.

Torg not only enables a reduction in operational burden, but also the introduction of superior and competitively priced private label products

Till Hoelzer, Principal at FoodLabs

Torg, a market network based in Berlin, aims to simplify the procurement of food and beverages with its AI platform. The platform enables buyers to more efficiently find suppliers and source products in the foodservice and private label categories.

Torg makes it incredibly easy for buyers to discover, connect and collaborate with high-quality suppliers. Our platform uses AI to simplify the food and beverage sourcing process

Hans Furuseth, co-founder and CEO of Torg

Torg's platform has already managed to connect over 100,000 high-quality, verified food and beverage suppliers in Europe. This enables buyers and suppliers to save time and money. Torg uses machine learning and AI to build the largest and most enriched database of suppliers in the food and beverage industry.

"Torg isrevolutionizing food and beverage sourcing by creating the first digital sourcing platform for private label products," says Sitar Teli, Partner at Connect Ventures.

The founders of Torg, Hans Kristian Furuseth, Ben Holdham and Rita Kerbaj, bring more than 20 years of global experience in leading companies in e-commerce, food technology and consulting. Torg's solution demonstrates the transformative power of AI for procurement. Buyers can now set up a product request within two minutes and distribute it to hundreds of relevant manufacturers. The platform efficiently captures a variety of data sources to identify, verify and vet suppliers.