Milk Moovement Closes on $3.2M in Funding to Drive Cloud-Based Dairy Supply Chain

April 20, 2021

By Lynda Kiernan, Global AgInvesting Media

Milk Moovement, a leading cloud-based dairy supply chain software platform, has closed on $3.2 million in additional funding led by Dynamo Ventures, and backed by Bread & Butter Ventures, Matchstick Ventures, and  Better Food Ventures.

SOSV and Techstars also provided follow-on investments to the round, and high-profile industry leader and member of Cargill’s Board of Directors, Richard Cargill, is another personal angel investor in the company.

Founded in 2018, Milk Moovement has developed proprietary software able to track all milk shipments from the farmer to processing plants, and delivers quality and quantity data in real time to producers, processors, transporters, and cooperatives. 

Since its launch, the company has built up a growing bank of users across Canada, the U.S., and Australia. Through their integration of Milk Moovement’s technology, these dairy cooperatives and processors have been able to reduce administrative time by as much as 85 percent. This benefit has resulted in rapid growth for the company, which has seen a CAGR in its raw milk under management of approximately 117 percent.

“At Milk Moovement, we are committed to helping the industry thrive by modernizing the antiquated dairy supply chain to make it more efficient, sustainable, and profitable for everyone,” said Robert Forsythe, CEO, Milk Moovement. “We have experienced tremendous momentum in our core software offering as clients see the benefits of digitizing and optimizing their dairy supply chains.”

Adam Bergman, managing director at EcoTech Capital, noted the critical point our food supply chains are facing in large part due to outdated infrastructure and processes in his article, COVID-19 Exposes Paradox of Simultaneous Food Shortages and Food Waste, published by GAI News in April 2020, saying, “Any food wasted during normal times is unfortunate, but right now, with so many people faced with the prospect of being unable to afford to feed their family since unemployment has skyrocketed, it is more essential than ever to focus on establishing a more effective food production and distribution network.”

This is especially true for the global dairy industry, which is still widely challenged by an uncertain market made only worse by shifting consumer patterns during the global pandemic. And although milk and dairy prices are rebounding in the Northern Hemisphere, RaboResearch stated in its Dairy Quarterly report, Strength Ahead of Northern Hemisphere Flush, a return to normal won’t be immediate, or without its some setbacks along the way. 

Despite this, looking to the long term, global demand for dairy is expected to increase by 60 percent by 2050, while traceability within the dairy supply chain has largely been sidelined. As of last year the global dairy industry was worth more than $400 billion, and accounted for 14 percent of global ag trade, with milk ranking as the third highest produced commodity, according to the paper, A Proposed Framework Model for Dairy Supply Chain Traceability.  

Given the value of the industry and the number of consumers engaged with the value chain, bringing clarity and the ability for producers, processors, transporters, and cooperatives to gain critical insights is key, and beyond due.

“At Milk Moovement, we are committed to helping the industry thrive by modernizing the  antiquated dairy supply chain to make it more efficient, sustainable, and profitable for everyone,” said Forsythe.

Jon Bradford, Dynamo Ventures Partner, said, “Dynamo reviews a huge number of startups every year that seek to modernize the food supply  chain. What stood out to us about Milk Moovement was the founders, their incredible long-term vision, and their engagement with the  industry at many different levels. We wholeheartedly believe in the team’s ability to capture this vast market and bring innovative solutions to the dairy supply chain.”

Richard Cargill added, “The delivery of high quality, more nutritious, and even more efficient products is imperative for success in 21st-century agriculture. Milk Moovement is the dairy supply chain tool that will be at the forefront of  the industry’s success. What separates this team from competitors is their empathy for the challenges faced by the industry and their relentless drive to create value for customers. It has  been a privilege to mentor this team and I look forward to supporting them as they grow.”

 

– 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, as well as HighQuest Group’s Oilseed & Grain NewsShe can be reached at lkiernan@globalaginvesting.com

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