Thri5 Raises Seed Funding
Toronto-based Thri5 has announced a successful seed funding round, raising $7.5 million CAD. The round was led by Whitecap Venture Partners and included participation from Mistral Ventures, MaRS Accelerator Fund, N49P, Amar Varma, and Farhan Thawar. Thri5 focuses on enhancing supply chain and inventory visibility to improve business performance.
Company Background
Founded by Jeremy Pee and Herman Paek, both of whom have extensive backgrounds in retail and technology, Thri5 aims to bridge the gap between business strategy and execution. Pee, who serves as the company's CEO, and Paek, the co-founder, have previously worked together on building digital platforms for Loblaw in the 2010s. Pee's recent role was as the Chief Digital and Technology Officer at Marks & Spencer, while Paek served as the CEO of Kijiji Canada.
Strategic Use of Funds
The new funds will be used to expand Thri5's AI platform across North America and Europe. The company plans to double its current 10-person team over the next year to accelerate its go-to-market strategy. Thri5's platform utilizes AI to streamline execution across the value chain, helping businesses to align their strategic goals with operational processes more effectively.
Future Expansion Plans
Thri5 has already completed a successful nine-week pilot project with Wild Fork Foods, which resulted in a 3% increase in sales. Encouraged by these results, the company is preparing for a broader rollout targeting enterprise retailers in both North America and Europe.
"We identified a significant gap between strategic goals and operational execution in retail businesses," CEO Jeremy Pee noted. "Our platform is designed to bridge this gap, enabling more efficient and effective business operations."
With this seed funding, Thri5 is well-positioned to expand its innovative AI solutions to more clients, aiming to enhance retail execution on a larger scale.