Syrup Secures $17.5M to Help Retailers Accurately Predict and Meet Consumer Demand with AI

NEW YORK, Dec. 1, 2023 /PRNewswire/ -- Syrup, which provides AI-powered planning, buying, and inventory optimization for omnichannel commerce, announced today its Series A fundraise. The $17.5M round is led by Accel Partners with participation from existing investors Gradient Ventures and 1984 Ventures.

 Increased accuracy in forecasting takes the guesswork out of merchandise planning, helping reduce overproduction. The Syrup solution connects inventory data with a unique mix of historical, transactional, and real-time data so that planning teams can make optimal decisions with confidence.

"Our goal is to help brands sell more and waste less, every day," notes James Theuerkauf, CEO and Co-founder of Syrup Tech. "Advancements in AI allow us to deliver inventory forecasts at the item x size x color level ? much more granular than what current practices allow for."

The cost of stockouts and wasted inventory is a $250B problem in the apparel and footwear space alone. Early results include a 46% increase in forecast accuracy compared to a major incumbent provider. Another customer improved in-stock rates by 8.4% YoY during an 18-store growth surge, all while capturing a 3.1% margin increase.

"We love working with Syrup because their technology solves an age-old problem for brands... getting our products to where customers will buy them," said Alex Faherty, CEO and Co-founder, Faherty Brand. "Even better, the forecast accuracy enables us to achieve our sustainability goal of producing just enough product to meet demand."

To support expansion, Syrup will build on its foundation of world-class machine learning talent, growing its team across engineering, product, and sales.

"In a world with recurring supply chain disruptions, true omnichannel networks, and sustainability-minded consumers, there is a need for next-generation systems," said Sara Ittelson, Partner at Accel. "We believe Syrup Tech is well positioned to lead in the next wave of AI-powered retail technology."  

About Syrup: 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 our platform to optimize inventory. To learn more, visit www.syrup.tech.

About Accel: Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com.

SOURCE Syrup Tech