COLORADO SPRINGS, COLO. — FoodMaven, an online marketplace for otherwise wasted food, has closed a $8.6 million Series A financing led by members of the Walton family. The platform sells local and oversupplied food from distributors, manufacturers and producers to food service buyers at a discount. Food that doesn't rapidly sell may be donated for hunger relief.
The business was built on a mission to reclaim the estimated $200 billion per year in revenues from lost food and currently serves hundreds of suppliers and buyers in Colorado with plans to roll out to metro services areas across the United States. Walter Robb, former co-chief executive officer of Whole Foods Market, recently joined FoodMaven as an investor and board member.
The latest round of funding will support the continued buildout of the company's logistics capacity, investment in technology and innovation and the hiring of additional employees and members of the leadership team.
|Patrick Bultema, chairman, c.e.o. and co-founder of FoodMaven|
“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,” said Patrick Bultema, chairman, c.e.o. and co-founder of FoodMaven. “Of course, this round also brings the resources we need to continue to rapidly grow the business, not to mention key insights and relationships.”Other investors included Rajesh Atluru, Robert Finzi, Chris Scoggins, Eric Roza, Jon-Erik Borgen of FirstTracks Ventures, and Tom Ahlborg.