July 14, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

For all the advances and penetration of tech in agriculture and its supply chains, the $600 billion-plus dairy industry remains largely in the wings – strange given the rapidly perishable nature of milk. However, it is this exact finite delivery window and constantly shifting consumer preferences that make the industry prime for disruption. 

Milk Moovement, a cloud-based dairy supply chain software company, announced it closed on a $20 million Series A led by VMG Catalyst. This round also included Seed round investor and ag industry leader Richard Cargill, and returning investors Dynamo Ventures, Bread & Butter Ventures, Matchstick Ventures, and SOSV.

Concurrent to this Series A, Ecolab, a global leader in hygiene and infection prevention solutions, also made a minority equity investment in the company.

“VMG Catalyst immediately saw the value Milk Moovement brings to the dairy industry, in particular given a heightened focus on the fragility of global supply chains and the corresponding impact on consumer goods,” said Carle Stenmark, general partner, VMG Catalyst. “Real-time data transparency is critical for managing perishables and provides tremendous benefit to all the constituents in the dairy value chain. We’re looking forward to seeing even broader adoption of the company’s innovative software platform, and the positive change it creates for the industry.”

A Better Whey

Founded in 2018 by Jon King and Robert Forsythe, Milk Moovement leverages its proprietary technology platform to bring the industry from working at a pen-and-paper level and using legacy systems to the cloud. By doing this the company creates full supply chain visibility for dairy farmers and distributors, allowing them to track and route shipments in real-time, optimize delivery schedules, decrease food waste, and strengthen profits.

“This latest round of funding is a major win for our employees and investors, but most importantly it allows us to support our incredible partners in getting the right milk to the right place at the right time,” said Robert Forsythe, co-founder and CEO, Milk Moovement.

Currently, Milk Moovement has a network of 2,500 dairy farms and more than 5,000 users, including global Fortune 500 CPG companies. Through its system, the company manages over 30 billion pounds of raw milk each year, or about 15 percent of the total U.S. dairy market.

Even at this market share, the company stated that it’s in a period of tremendous growth. Over the past year the company saw its annual revenue grow by more than a factor of 10, adding that at the forefront of this growth are early adopters including United Dairymen of Arizona, California Dairies Inc.(the second largest milk marketing cooperative in the U.S. with more than 300 farms and over 17 billion pounds of fresh milk per year) among many more that will be announced this year.

“Adopting Milk Moovement’s technology has unlocked our imagination on how dairy supply chains should operate,” said Jafar Shahwan, vice president, supply chain, California Dairies. “I am a true fan of the solution and the capabilities it brings to the industry. The software brings all stakeholders together in real-time, which allows for clarity and visibility on key elements of our operations. Milk Moovement is a true partner to California Dairies and has changed the way business is managed, decisions are made, and communication flows.”

~ Lynda Kiernan-Stone 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 Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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