US food tech company FoodMaven has today closed an $8.6 million series A financing round as it aims to capture and reclaim revenues from lost food.
FoodMaven claims that each year hundreds of billions of dollars of food is lost in the US food system. The brand applies an innovative logistics model to sell this oversupplied food to foodservice buyers that include restaurants, institutional kitchens, and commercial food businesses.
Whatever doesn’t rapidly sell, FoodMaven donates for hunger relief, and finds more economically and environmentally enlightened answers than landfills.
The financing comes on the heels of a late 2017 announcement that Walter Robb, former co-CEO of Whole Foods, joined as an investor and board member of FoodMaven.
The Series A funding will support the continued buildout of the brand’s logistics capacity, further investment in technology and innovation, the hiring of additional employees, as well as bringing on new key team members to round out the leadership team.
FoodMaven CEO Patrick Bultema said: “We are deeply grateful for the vote of confidence this financing represents for what we are doing, but also for the shared passion of creating a market-based solution for a number of societal issues that include: food waste, hunger, and negative environmental impacts.
“Of course, this round also brings the resources we need to continue to rapidly grow the business, not to mention key insights and relationships.”
Chris Onan, FoodMaven board member, added: “FoodMaven is a great business with a fantastic mission. Patrick brought together a high-quality investor group in this financing, and I look forward to working with him, the board and the FoodMaven team as the business scales and continues to transform the food industry.”
The brand currently serves hundreds of suppliers and buyers in Colorado, refining and building out its model. From this foundation, the company aims to roll out to metro service areas across the US.
© FoodBev Media Ltd 2022
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