The Rounds, a platform in sustainable, AI-driven inventory management and last-mile delivery, has successfully raised $24 million in a Series B funding round. The round was led by Moderne Ventures, with participation from FJ Labs and existing investors, bringing The Rounds’ total funding to $66 million.
This new infusion of capital will fuel the company’s expansion, allowing it to enhance its AI-powered service, scale operations, and enter new markets while continuing its commitment to sustainability.
About The Rounds
Founded in 2019, The Rounds is an AI-powered platform that automates the delivery and replenishment of household essentials.
For a monthly fee, members can enjoy the convenience of recurring deliveries in reusable packaging, minimizing their environmental footprint.
Currently operating in Philadelphia, Washington D.C., and Atlanta, the company is rapidly expanding its reach while maintaining its commitment to sustainability and innovation.
A Leap Towards Sustainable and Profitable Growth
Since its inception, The Rounds has positioned itself as a pioneer in reducing packaging waste through its innovative delivery system.
By sourcing products locally, delivering them in reusable packaging, and managing inventory with AI, The Rounds has redefined convenience without compromising on environmental responsibility.
The company has already saved over 1 million pounds of packaging waste, underscoring its mission to create a better, more sustainable consumer experience.
“Sustainability has been at our core since day one,” said Alex Torrey, Co-Founder and CEO of The Rounds. “With more than 82 million tons of packaging waste discarded annually, and less than 10% being recycled, it’s clear that waste is a design flaw. We’re here to change that by offering a service that reduces waste while enhancing convenience for our members.”
Expanding AI-Driven Services and Market Reach
The Rounds is not just about sustainability; it’s also about smart technology. The company leverages AI to predict when households need refills of everyday items, offering personalized product recommendations to streamline the shopping experience.
With the new funding, The Rounds plans to double down on its AI capabilities by expanding its team in machine learning and data science.
Recent developments include the launch of new AI-enabled features, such as the “Psychic Home Manager,” which allows members to choose their own “Refill Day” and manage products either on a one-time or recurring basis.
The company has also broadened its product selection, adding over 100 new SKUs, including fresh produce and local goods, while enhancing transparency around its sustainability efforts with a redesigned sustainability page.
“Our goal is to make The Rounds the go-to platform for all your essentials,” said Torrey. “We’re focused on enhancing member satisfaction with smarter recommendations, flexible scheduling, and clear insights into the positive environmental impact of their purchases.”
Strategic Partnerships and Expert Leadership
As part of its growth strategy, The Rounds is seeking to form strategic partnerships with multifamily property managers, making it easier for urban dwellers to access their service.
This approach aligns perfectly with Moderne Ventures’ investment strategy, which focuses on connecting innovative companies with top real estate partners.
“The Rounds is solving a critical problem for city dwellers by making it easier to restock household essentials with less waste,” said Liza Benson, Partner at Moderne Ventures. “We’re excited to partner with them and bring this valuable service to more residents.”
In addition to expanding its team, The Rounds has also added Gad Allon, a professor at the Wharton School of Business, to its Board of Directors.
“The Rounds is setting a new standard for sustainable growth in last-mile logistics,” said Professor Allon. “Their use of AI to optimize operations and reduce waste is exactly what the future of logistics needs.”
