FOOD TECH STARTUP NETS $14.2 MILLION TO DIGITIZE CHEFS’ KITCHEN
Galley Solutions says its software helps track costs, reduce waste
San Diego startup Galley Solutions, which makes software for chefs and cooks in commercial kitchens, has landed $14.2 million in a Series A round of venture capital funding.
The 35-employee company will use the money to expand its sales and engineering workforce in hopes of driving adoption of its food tech software to digitize kitchens. The goal is to make kitchen operations run more efficiently, helping to reduce food waste and better track food cost data in an industry that often relies on spreadsheets.
“The underlying idea is the food service industry is largely without technology when it comes to operators,” said Benji Koltai, co-founder and chief executive of Galley. “By giving workers in the industry a tool that allows them to do a lot of the calculations, scale recipes — do the math that gets complex when you
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Lingering concerns about inflation have been weighing on the market and have kept major indexes in a slump. The benchmark S&P 500 is coming off its longest weekly losing streak since the dot-com bubble was deflating in 2001. It came close to falling 20 percent from its peak earlier this year, which would put the index at the heart of most workers’ 401(k) accounts into a bear market.
Inf lation’s impact on consumers and businesses has been the key worry for markets, along with the Federal Reserve’s attempt to temper that impact by aggressively raising interest rates.
Inflation brought on by a big supply and demand disconnect has worsened because of Russia’s invasion of Ukraine and its impact on energy prices.
Supply chains were further hurt by China’s recent series of lockdowns for sevdetailed
eral major cities facing rising COVID-19 cases.
Meanwhile, a series of disappointing earnings reports from key retailers last week raised concerns that consumers are tempering spending on a wide range of goods as they get squeezed by rising inflation.
Investors are worried that the central bank could go too far in raising rates or move too quickly, which could stunt economic growth and potentially bring on a recession. On Wednesday, investors will get a more
glimpse into the Fed’s decision-making process with the release of minutes from the latest policy setting meeting.
Wall Street will also get a few economic updates this week from the Commerce Department.
On Thursday it will release a report on first-quarter gross domestic product and on Friday it will release data on personal income and spending for April.
Banks made strong gains along with rising bond yields Monday, which they rely on
to charge more lucrative interest on loans. The yield on the 10-year Treasury rose to 2.86 percent from 2.77 percent late Friday. Bank of America rose 5.9 percent.
Technology stocks also did some heavy lifting. Apple rose 4 percent and Microsoft rose 3.2 percent.
The sector has been choppy over the last few weeks and has prompted many of the market’s recent big swings.