December 17, 2019

by Lynda Kiernan

Colorado-based food waste mitigation technology platform FoodMaven announced it has closed on a $15.3 million Series B. Investors in this round included return investor Tao Capital, along with Fine Line Group, and the family office of Sasha and Ed Bass.

This funding brings the total capital raised by FoodMaven to $34.4 million.

Founded in 2015, and with offices in Colorado Springs and Denver, FoodMaven captures food that would otherwise go to waste due to a systemic network that is oversupplied and out-of-sync, or locally produced without access to a market, and then creates an online marketplace through which to sell it.

“Colorado has been a tremendous market to build and grow FoodMaven’s model because chefs are very receptive to what we have to offer,” Ben Deda, who in September was named CEO of the company, having been promoted from his previous role of COO told AmericanInno. “Cities like Denver, where local food and sustainable offerings are important to chefs, and where there is an abundance of local farms and ranches nearby, are the best markets for FoodMaven.”

Through their platform, FoodMaven connects suppliers that might include farmers, ranchers, or supermarkets that have imperfect foods to sell, with buyers such as restaurants, universities, and hotels; creating new market channels for suppliers, and heavily discounted food sources for buyers. Within this system, FoodMaven acts as a facilitator – never owning the produce itself, but taking a portion of the sale price to the supplier.

Alternatively, FoodMaven donates its surplus to hunger-relief initiatives, meeting its mission to ensure that all food is used for a good purpose.

“We’re excited to have incredible investors that share our mission of making sure all food is used with good purpose. This funding will allow us to prove out the FoodMaven model in new markets and continue to grow here in Colorado,” said Deda.

This is the second round announced by FoodMaven within the 2019 calendar year. In January, the startup announced its closing on $10 million in funding from Tao Capital and members of the Walton family, the founders of Walmart. One year earlier, the company raised an $8.6 million Series A in January 2018. 

“FoodMaven continues to get support and investment because they have such a compelling solution for chefs who care about sustainability,” said celebrity chef Tim Ma, a FoodMaven advisor.

Having operated solely in Colorado to this point, FoodMaven’s plans for 2020 include an expansion into the Dallas-Fort Worth area of Texas, where Deda expects to add another 15 people to the company’s team, in addition to the 62 in place in Colorado.  

The Fort Worth region is also a key geography for the family office of Sasha and Ed Bass, explained Tyler Godoff, who manages venture investments for the office, saying that the fund,

“…seeks to back founders and ventures with a meaningful connection to Fort Worth. FoodMaven’s decision to make DFW its second market demonstrated its belief that Fort Worth is a model ecosystem in which to scale a venture.”

“We are committed to investing in Fort Worth and introducing the world to the city we call home,” added Sasha Bass. “Our backing of FoodMaven is a signal that we are serious about bringing innovative and sustainable concepts to Sundance Square, DFW, and beyond.”

Once established in Texas, the company will work to prepare for an even larger expansion, reflecting the company’s ability to scale on a national level.

– Lynda Kiernan is Editor with GAI Media and daily contributor to the GAI News and Agtech Intel platforms. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.