Imperfect Foods has announced a $15 million increase to its Series D commitment, after the company attracted the backing of two new investors.
Founded in 2015, Imperfect Foods aims to reduce food waste by ‘rescuing’ imperfect or excess products, including vegetables, dairy, shelf-stable goods, meat and seafood. These are then distributed to consumers via its grocery delivery service.
Last month, the company announced that it had received a commitment to fund $95 million in a growth investment.
The company has since attracted the support of two additional investors, Hamilton Lane and Blisce, with the Series D commitment now totalling $110 million.
Imperfect Foods says that the investment will be used to increase production capacity, improve the shopping experience and accelerate its private label programme, among other things.
“Imperfect Foods’ ability to reduce food waste while delighting customers is unique, and embodies the idea of doing well by doing good,” said Alexandre Mars, founder and CEO of Blisce.
“Their direct sourcing from farmers combined with national direct-to-consumer delivery stands out and makes them the clear sustainable choice for online grocery shopping.
“We are proud to back the team at Imperfect Foods as they pursue this important mission to provide high quality service to their customers while simultaneously building a better food system and reducing food waste across the United States.”
Imperfect Foods claims that its sourcing strategy saved over 50 million pounds of food in 2020.
“We’re excited to continue to do our part in not only making fresh food more accessible to all communities across the country, but also striving to take care of farmers and the planet while we do so,” said Imperfect Foods CEO, Philip Behn.
© FoodBev Media Ltd 2021
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial