Syrup offers an AI-powered platform that simplifies inventory buying, allocation, replenishment, and rebalancing for omnichannel brands. The solution links inventory data with historical, transactional, and real-time inputs to produce granular forecasts at the item x size x color level. Customers including Faherty, Desigual, and Reformation use Syrup to improve revenue and operational efficiency. Early results cited include a 46% increase in forecast accuracy versus a major incumbent, an 8.4% YoY improvement in in-stock rates during an 18-store growth surge, and a 3.1% margin increase. The company positions its product as a way to help brands sell more and waste less, addressing a cited $250B problem in apparel and footwear overproduction. To support expansion, Syrup plans to grow its engineering, product, and sales teams and build on its machine learning talent. Syrup Tech builds an AI- and machine learning-powered predictive SaaS that ingests transactions, marketing and inventory data alongside social-media trends and weather to generate inventory recommendations. The product tells merchandisers when and what to order so they can reduce stockouts, excess inventory, markdowns and waste. Customers (mainly in fashion footwear) are reporting double-digit increases in profit margins; Syrup Tech is currently working with eight customers and has a waitlist of five. Revenue is up 14x over the past 12 months and 2.5x since the beginning of 2022. The fully remote company began working on its tool in 2020 and plans to use new funding to hire (it has a 14-person team), expand product development, and add upstream use cases for sourcing and production recommendations. Management says the financing puts the company in a solid position for the next few years.

Total raised

$24M

Funding rounds

2

Latest round

Series A

Latest activity

Dec 2023