When some of the world’s biggest food companies develop new products, they go to Tastewise first

Knowing the right time to bring a food product to market is traditionally handled through surveys and focus groups, but Tastewise thinks this can be done better with technology.

Food brands can make smarter decisions around product development, marketing and retail sales with the help of the Israeli company. More than 1 million restaurants are monitored and food brands are connected with people who want to try their food.

Over the past five years, it has been able to rack up a customer base of some of the top food and beverage companies.

$17 million in Series A funding has been secured by it. Existing investors PeakBridge and PICO Venture Partners joined Disruptive in the round. The funding round gave Tastewise $21.5 million to date.

Alon Chen, co-founder and CEO of Tastewise, is a self-taught engineer who started writing code when he was 12 and left a career at Google five years ago after getting the idea for the company from his mother.

He said that consumers are changing their diet. There are 30,000 new products that are launched each year, and 90 percent of them fail. A one-size-fits-all approach is no longer possible.

He explained that even the most innovative food tech companies still rely on outdated retail data to come up with their product strategies, and if you don't come with the right data, you will get the wrong answer.

Chen and Gaon wanted to build a platform that would allow food and beverage companies to disrupt the $10 trillion industry with healthier foods, new flavors and plant-based varieties, and do it in a way that would accelerate sales and acceptance of new products.

The company has raised capital in both 2020 and 2021. Between 2020 and 2021, the company tripled revenue and is now working to expand its data and workforce to India, Australia, Germany, Canada and France.

It doubled its employee count in the U.S. and Israel and is working with 15% of the top 100 food and beverage brands.

When we first started Tastewise, food tech was not there, and when we started talking to investors about doing predictive analytics for food and beverage, we told them this is the future.

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