Torrance, Calif.-based Agribuys, a supply chain software solution provider to the perishable food industry, has closed US$5m in Series "C" funding.

"Our recent round of funding positions Agribuys to continue the expansion of its Collaborative Commerce Platform and to achieve profitability and positive cash flow in 2003," said Vijay Yajnik, CEO and president: "We plan to invest in increasing the capacity of our production and disaster recovery sites that will support the needs of Ahold US and the other premier grocery retailers we are working closely with.

"In addition, we currently plan to use the funds to aggressively market to other premier grocery retailers and their suppliers. Our product has arrived, and the grocery world needs to know about it."

Southern California-based venture group Rustic Canyon Ventures led the latest funding round, in which the Internet Capital Group also participated.
Tom Unterman, MD of Rustic, added: "The food retailing industry has become increasingly competitive placing intense pressure on supply chain efficiency. 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 Walmart."