Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Agribuys, provider of supply chain software to the retail food industry, has received $5 million in Series C funding. It plans to use the funds to expand its product offering and to increase its marketing to grocery retailers and suppliers.
Torrance, CA-based Agribuys, provider of supply chain software to the retail food industry, has received $5 million in Series C funding. Agribuys says it plans to use the funds to continue the expansion of its Collaborative Commerce Platform and to achieve profitability and positive cash flow in 2003. “We plan to invest in increasing the capacity of our production and disaster recovery sites that will support the needs of Ahold USA and the other premier grocery retailers we are working closely with,” said Vijay Yajnik, Agribuys CEO and president. “In addition, we plan to use the funds to aggressively market to other premier grocery retailers and their suppliers.”
Agribuys is backed by Rustic Canyon Ventures, which led the latest funding round, and Internet Capital Group, which participated in the round. “The food retailing industry has become increasingly competitive placing intense pressure on supply chain efficiency,” said Tom Unterman, managing director of Rustic Canyon Ventures. “Agribuys has demonstrated to several major food retailers that its technology can significantly increase their customer’s ability to compete with supply-chain masters like Wal-mart.”
Agribuys offers Internet-based solutions for demand planning and management, procurement, logistics, receiving and payment. Strategic partners include the WorldWide Retail Exchange.