FoodMaven, a US start-up that sells oversupplied or imperfect food to restaurants and foodservice buyers, has raised $15.3 million in Series B funding.
The investment came from the company’s Series A investor as well as Tao Capital, which earlier this year took part in a $10 million funding round. Fine Line Group also contributed to the latest round of financing.
“We’re excited to have incredible investors that share our mission of making sure all food is used with good purpose,” said Ben Deda, who was named FoodMaven CEO in September.
“This funding will allow us to prove out the FoodMaven model in new markets and continue to grow here in Colorado.”
Over the next 12 months, FoodMaven intends to bring its business model to Dallas-Fort Worth, Texas, and additional markets as it aims to demonstrate its ability to scale nationwide.
In a statement, the company said: “FoodMaven’s model of capturing lost food and generating revenue for suppliers unable to sell certain products is a model that can add value to any market in the US.”
Tim Ma, a FoodMaven advisor, said: “FoodMaven continues to get support and investment because they have such a compelling solution for chefs who care about sustainability.”
In 2017, Walter Robb, a former co-CEO of Whole Foods, joined FoodMaven as an investor and board member.
© FoodBev Media Ltd 2019