January 29, 2019

FoodMaven, a food waste mitigation technology platform, announced it has raised $10 million in capital through a round backed by Tao Capital and members of the Walton family, the founders of Walmart.

Based in Colorado and founded in 2015, FoodMaven captures food being wasted through a systemic network that is oversupplied and out-of-sync, or locally produced without access to a market, and then creates a marketplace through which to sell it.

Through an online platform, FoodMaven sells this recaptured food to restaurants, universities, and hotels, or alternatively donates it to hunger-relief initiatives, meeting its mission to ensure that all food is used to a good purpose.

This round follows upon an $8.6 million Series A raised by the company in January 2018. Just prior to the company’s Series A, former CEO of Whole Foods Walter Robb joined the company’s board as an investor, reports FoodBev.

“We are deeply grateful for our investment partners who share our vision of a for-profit, for-impact company, addressing issues in the food system that leads to so much food waste,” said Patrick Bultema, chairman, CEO and co-founder of FoodMaven.

FoodMaven has seen rapid growth, and this round is being used by the company to fund the company’s strategy of purchasing complementary food businesses as it enters new markets. Under this business model, FoodMaven recently announced the closing of Anderson Beef in Denver, and its plans to expand into the Dallas, Texas, market later this year.

“This financing provides support for growing into additional markets this year, as we also ramp up our investment in technology and innovations,” said Bultema.

As part of the deal, Isaac Pritzker, principal of Tao Capital Partners, will join the FoodMaven board.

“It is a pleasure to join such a passionate group of brilliant people working to address the elimination of food waste in the pursuit of a sufficient and sustainable global food system,” said Pritzker.

Pritzker will be joining Walter Robb, as well as  Lauren Baron from Walton Enterprises; Nancy Phillips, former CEO and executive chair of Flexential; venture investor and co-founder of Galvanize, Chris Onan; and Patrick Bultema, chairman, CEO and co-founder of FoodMaven. Also active on the board in the role of observers are certain Walton family members and Rob Lewis, who is representing Seed investors.

“I’m also thrilled to have Isaac Pritzker join us,” said Bultema. “It’s clear Isaac, as well as Tao Capital, have both deep expertise and passion for transforming food for the better. He is a great addition to the board, that already represents so much credibility and impact in the food industry.”

~ Lynda Kiernan