FoodMaven raises $15.3 million from Series B funding round
Date: 2019-12-10   Author: Saipriya Iyer  Category: #news

FoodMaven raises $15.3 million from Series B funding round

U.S.-based food startup, FoodMaven Corp. has a unique business model that offers imperfect and oversupplied food to foodservice providers and restaurants. Recently, the company announced securing $15.3 million from its Series B funding round.

According to reliable sources, the latest funding round was led by Tao Capital, FoodMaven’s Series A investor and an investment firm for some of the Pritzker family members. Moreover, Fine Line Group, the family office of philanthropists and developers Ed and Sasha Bass took part in this funding round.

Reports suggest that FoodMaven is trying to transfer roughly 40% of U.S. food, that might have imperfections or that which does not meet the essential specifications from suppliers ranging from ranchers and farmers, to superstores. The company would then link those suppliers with consumers like hotels, universities, and restaurants.

Evidently, this model generates revenue for those merchants who would not have a market. Additionally, buyers, who often have strict budgets, would be benefitted from this model by means of discount. In addition to this, FoodMaven is also donating 20% of its unsold products to non-profits such as homeless shelters or soup kitchens.

Speaking on the development, Ben Deda, the recently appointed CEO of FoodMaven, said that the firm operates on a consignment model. It gains possession of the item instead of owning it and negotiates a part of the sale with suppliers.

Incidentally, FoodMaven had also recently partnered with Hilton for supplying food to all the Hilton properties in Colorado. This partnership would initially span into Colorado and would eventually extend into Dallas.

Reports cite that FoodMaven has commenced delivering food in several places in Denver such as Hilton Denver City Center, Hilton Stapleton North, and DoubleTree by Hilton Hotel-Westminster. The company is also in midst of agreements with more hospitality chains.

Source Credit: https://fortune.com/2019/12/09/foodmaven-funding-series-b-food-waste/



About Author


Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

More from Saipriya


Post Recommendents

Medical imaging firm Nanox raises $26M in a round led by Foxconn
Author: Saipriya Iyer

Nanox Imaging, an Israeli medical imaging startup, reportedly announced that it raised $26 million in an investment round, which was led by its strategic investor Foxconn. The total valuation of the company has reached...


Fitbit adds blood oxygen level monitoring feature in some devices
Author: Saipriya Iyer

Fitbit- a California based fitness wearables company has reportedly rolled out SpO2 sensors in its devices, enabling users to track their blood oxygen levels. In terms of percentage, between 95% to 100% of blood oxygen...


Modern Health closes $31 Mn funding led by John Doerr & Founders Fund
Author: Pankaj Singh

Modern Health, a startup company based in San Francisco, offering a comprehensive mental health platform for corporate employees, has recently closed a $31 Mn Series B funding round. It was led by Founders Fund and Joh...