The acquisition will expand GrubMarket’s software portfolio and strengthen its position as an enterprise artificial intelligence (AI) solutions provider for the U.S. food supply chain, CEO Mike Xu said in a Monday (Nov. 17) news release.
“The addition of Procurant’s comprehensive solutions will not only benefit our growing base of GrubMarket software customers, but also create powerful synergies across our own GrubMarket network,” added Xu.
“By integrating Procurant’s platform with our existing technology stack and AI development capabilities, we will deepen the impact of eCommerce internally and offer new AI-powered procurement solutions to the broader fresh food industry.”
Procurant customers are, per the release, responsible for upwards of 90% of all food sold in the U.S. Founded in 2018 by CEO Eric Peters, the company offers tools for procurement, for connecting suppliers with retailers and food service operators, as well as offerings covering quality control, compliance and food safety management.
The company has more than 850 customers in 14 countries, facilitating $5.5 billion in gross merchandise volume (GMV) per year, working with retailers such as Costco, Target, Albertsons and Walmart, the release added.
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“Since our founding, we’ve focused on modernizing how the industry buys and manages perishables,” said Peters.
“Procurant’s expansive network, powerful SaaS products and central trading platform help retailers and suppliers benefit from real-time collaboration, replace costly legacy tools, and gain meaningful insights into their business partnerships. Joining GrubMarket, one of the largest fresh food technology networks, is an exciting next chapter for us.”
The acquisition comes months after GrubMarket announced it had raised $50 million in a Series G funding round. The company said at the time that it would use the funds to accelerate the growth of its business and its AI software, while also investing in staffing, financial infrastructure, technology and acquisitions.
The deal is also happening at a time when AI is increasingly being used to streamline global supply chains, as PYMNTS wrote last month.
“Supply-chain risk is rising from multiple fronts, including weather, supplier slowdowns, and compliance failures. Predictive AI systems can now identify and quantify those risks before they escalate,” that report said.
Procurement and logistics platforms, PYMNTS added, are embedding models that monitor supplier reliability and regional performance signals. When lead times begin to slip or when customs data indicates potential delays, these systems notify planners before production or delivery schedules are impacted.
