January 29, 2019 12:15 PM, EST

FoodMaven Secures $10 Million Funding Round

vegetables closeupTT file photo

FoodMaven, which provides an online marketplace for oversupplied, out-of-spec and local food, has closed a $10 million round of funding, the Colorado Springs, Colo., startup said in a Jan. 24 press release. Tao Capital Partners joined as an investor, along with funding from members of the Walton family.

Transportation and technology initiatives are among Tao Capital Partners’ target investments.

This round will help facilitate FoodMaven’s strategy of purchasing complementary food businesses as it enters new markets, according to the release. The company recently purchased Anderson Beef in Denver and plans to enter the Dallas market early this year.

FoodMaven projects a $50 million-to-$70 million Series B for early in the second quarter of this year.

“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 lead to so much food waste,” said Patrick Bultema, FoodMaven chairman, CEO and co-founder. “This financing provides support for growing into additional markets this year, as we also ramp up our investment in technology and innovations.”

The company sells discounted food through an online marketplace to restaurants and institutions such as universities and hotels, and also donates it to hunger-relief organizations. — Transport Topics