September 20, 2020

photo credit – Hungry Harvest

By Lynda Kiernan, Global AgInvesting Media

Paris-based private equity firm Creadev has returned to lead an oversubscribed  $13.7 million Series A for Hungry Harvest, a company focused on making an impact on the food space by reducing food waste and ending hunger.

Both existing and new investors rounded out the field of participants including Danone Manifesto Ventures, Quadia, and Maywic Select Investments.

Creadev led a $7.5 million Series A for the company in March of this year that included new investor Desert Bloom. Together, these rounds represent a total fund raise of $21.2 million during the pandemic. 

“All three new investors bring valued expertise in sustainability, the food industry, and growth of a consumer brand that will help us take Hungry Harvest to the next level in our long-term mission of fighting food waste and food insecurity in the U.S.,” said Evan Lutz, founder and CEO, Hungry Harvest. “We see this as a huge opportunity to advance our mission with some of the brightest minds in the business and we can’t wait to put our ideas into action.”

As part of the terms of this round, Jean-Francois Hurel with Danone Manifesto Ventures will join the Hungry Harvest Board of Directors, and Marion Schuppe with Quadia and Fred Mayerson with Maywic Select Investments will join as Board Observers. 

Founded in 2014 in the basement of Evan Lutz’ dormitory at University of Maryland, Hungry Harvest began with just 30 customers – of which 15 were free trials.

Today, the company is a farm-to-doorstep delivery platform headquartered in City Garage, Baltimore that rescues fresh fruit, vegetables, grocery staples that would otherwise be wasted due to cosmetic standards for size, shape, or color at retail.

The company then curates weekly variety-boxes of this produce and delivers it directly to subscribers’ doors using local drivers (for a nominal delivery fee), with each box being able to be customized and augmented with grocery staples, pantry items, or snacks from the Hungry Harvest Marketplace. Currently, Hungry Harvest has a delivery range covering Maryland, Washington DC, Philadelphia, Southern New Jersey, Northern Delaware, Northern Virginia, South Florida, The Triangle and Charlotte, North Carolina, and the Detroit Metro Region in Michigan.

Since 2014 the company has reduced more than 22 million pounds of food waste and donated or subsidized over 1.5 million pounds of produce through its own food access program and the programs of its partner organizations.

This work as a leader to eradicate food waste and hunger in the U.S. has gained the company recognition from Forbes Magazine, the Food Recovery Network, and the American Heart Association.

Its mission is also what has attracted investors at a time when fundraising is challenging at best.

“Hungry Harvest is a unique company that is closely aligned with Danone’s One Planet. One Health vision,” said Jean-Francois Hurel, CIO, Danone Manifesto Ventures. “We are looking forward to working with Hungry Harvest’s talented team and its purpose-driven group of investors to continue reducing food waste and supporting efforts to improve healthy diets in the U.S. by providing access to affordable and nutritious produce.”

Frederic Mayerson, chairman and managing partner, Maywic Select Investments added, “Maywic is incredibly excited to partner with Hungry Harvest on its journey. Evan and the team are disrupting the status quo in the food supply chain – democratizing fresh, great tasting food at a price that every family can afford all while reducing our waste footprint. That’s a big idea.”

Hungry Harvest noted that its ability to raise an oversubscribed round during a pandemic is reflective of its capacity to grow a profitable business while still affecting meaningful social impact.

With this capital, the company intends to enhance its customer experience, scale its social mission, and continue to increase the sustainability inherent in its business model. 

“Hungry Harvest brings to the market a resilient business model,” noted Marion Schuppe, impact investment manager of Quadia, “which is creating economic, social and environmental value for all its stakeholders.”

– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, and HighQuest Group’s Oilseed & Grain News. She is also a contributor to the GAI Gazette. She can be reached at lkiernan@globalaginvesting.com.