iFoodDS has secured $15 million in a Series A funding round, as it looks to address the growing needs for connected food safety and traceability in the fresh food supply chain.
The round was led by global venture capital and private equity firm Insight Partners. The US start-up plans to use the capital to accelerate its product innovation and support its expansion into new markets and categories.
Formed in 2013, iFoodDS is a platform provider of food safety, traceability and quality management solutions for the fresh food supply chain.
The platform is said to give retailers, foodservice chains, processors, shippers, packers and growers instantaneous visibility across the supply chain, as well as deliver real-time food safety practice assessment and data capture.
The funding round reportedly follows a year marked by high demand for the company’s cloud-based platform. Last year, iFoodDS acquired HarvestMark and its line of traceability solutions and the firm recently more than doubled its number of employees.
“The past 12 months have brought unprecedented change to the produce industry – from changing consumer shopping behaviours perpetuated by the pandemic to new regulation proposed by the FDA. These changes are accelerating a rapid transformation in the industry – one that is essential to delivering wholesome, high-quality produce,” said Scott Mathews, CEO of iFoodDS.
“With the support of Insight Partners, we’re well positioned to scale our efforts to help stakeholders in the supply chain improve their operations, provide transparency from farm to fork, deliver wholesome, high-quality produce, and connect their brand with consumers,” he added.
Allyson White, principal at Insight Partners, said: “The shift to data-driven, cloud-based solutions is still in its early stages for many stakeholders in the fresh food supply chain. iFoodDS fills a crucial role in enabling these businesses to transform their food safety, traceability, and quality management processes giving them the power to build value with their trading partners and connect with consumers at the retail shelf”.
© FoodBev Media Ltd 2020
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