Attribytes, the software-as-a-service (SaaS) company that works to improve how foodservice suppliers and distributors connect and share data, has secured $1.7 million in Series A funding from Scottsdale-based Canal Partners and Tallwave Capital.
CEO Mike Kovarik says the money will help the three-year-old company continue to grow. In the past year alone, Attribytes has almost tripled the number of foodservice manufacturers and distributors that use its platform, from 3,000 to 8,500. Part of the new investment will be used to add up to 15 more people to focus on sales and further product development.
“The funding really positions us for scale,” Kovarik said. “We’ve done an amazing job growing the business in our niche, but this allows us to double up on our positions, get the right people to support current clients and the capacity for new business to come on board.”
The $300 billion foodservice industry includes any food not consumed at home – such as meals eaten in restaurants, cafeterias, at catered events, or in facilities like schools or nursing homes. The sector also includes nonfood items, such as kitchen supplies and paper products. Attribytes’ software solution allows manufacturers and distributors to more easily collect, share and manage data to drive sales growth.
For distributors, this means a suite of tools providing comprehensive product information and analytics that allows them to identify both problems and opportunities. Suppliers, meanwhile, gain insights on how their products are being displayed on distributor point-of-sale systems and see who is buying.
Attribytes is a winner of the Arizona Innovation Challenge, and a client of Chandler Innovations, the city’s business incubation and entrepreneurial development program. The company worked closely with Chandler Innovations Executive in Residence, Tom Fulcher, who has extensive experience in the foodservice industry with management positions at Bumble Bee Foods and Heinz.
“Chandler Innovations has made sure that we are positioned correctly,” Kovarik said. “They’ve definitely been a big supporter, from hiring people to raising capital to getting connected with local angel investors.”
Attribytes is also busy with renovation work at Gangplank, the cooperative workspace that now houses about 33 businesses in downtown Chandler. Kovarik is the manager of the nonprofit that operates the space, and Attribytes is one of the largest companies housed there.
Learn more about Attribytes at https://attribytes.com/.