US start-up FoodMaven has received $10 million in funding, including an investment from Tao Capital Partners, as it looks to enter new markets this year.
The financing follows on from an $8.6 million series A funding round last year and provides support for the firm’s “ongoing rapid growth” and its plans to purchase complementary food businesses.
Colorado-based FoodMaven sells oversupplied food to foodservice buyers such as restaurants, institutional kitchens, and commercial food businesses. Whatever doesn’t sell, the company donates for hunger relief.
As part of this financing, Isaac Pritzker of Tao Capital Partners joins the board of directors as an observer. Pritzker joins board members: Walter Robb, former co-CEO of Whole Foods; Lauren Baron from Walton Enterprises; Nancy Phillips, former CEO of Flexential; Chris Onan, co-founder of Galvanize and venture investor; and Patrick Bultema, CEO and co-founder of FoodMaven.
“We are deeply grateful for our investment partners who share our vision of a for-profit, for-impact company, addressing issues in the food system that leads to so much food waste,” said Bultema.
“This financing provides support for growing into additional markets this year, as we also ramp up our investment in technology and innovations.”
He added: “I’m also thrilled to have Isaac Pritzker join us. It’s clear Isaac, as well as Tao Capital, have both deep expertise and passion for transforming food for the better. He is a great addition to the board that already represents so much credibility and impact in the food industry.”
Isaac Pritzker said: “It is a pleasure to join such a passionate group of brilliant people working to address the elimination of food waste in the pursuit of a sufficient and sustainable global food system.”
Earlier this month, FoodMaven acquired US meat firm Anderson Beef, its first acquisition since launching in 2015.
The latest investment provides momentum going into a series B funding round projected for the second quarter of this year.
© FoodBev Media Ltd 2019