FoodMaven, a Colorado-based startup, announced today that the company has closed an additional financing. Tao Capital Partners joins as an investor in the current $10M dollar round, along with funding from members of the Walton family.
This round provides support for FoodMaven’s ongoing rapid growth, including the company strategy of purchasing complementary food businesses as it enters new markets. FoodMaven recently announced the closing of Anderson Beef in Denver as part of this strategy. The company also announced plans to enter Dallas as its next market early this year. This round provides momentum into a $50-70M Series B projected for early in the second quarter of this year.
As part of this financing, Isaac Pritzker of Tao Capital Partners joins the board of directors as an observer. Pritzker joins board members: Walter Robb, former Co-CEO of Whole Foods; Lauren Baron from Walton Enterprises; Nancy Phillips, former CEO and Exec Chair of Flexential; Chris Onan, co-founder of Galvanize and venture investor; and Patrick Bultema, Chairman, CEO and co-founder of FoodMaven. Also active on the board as observers are: a Walton family member; and Rob Lewis (representing seed investors).
“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, 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.” Bultema further added, “I’m also thrilled to have Isaac Pritzker join us. 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.”
“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 Isaac Pritzker who is a Principal at Tao Capital Partners.
FoodMaven captures and creates a market for food lost in the system that’s oversupplied, out-of-spec, or local food without effective access to market. FoodMaven sells this food through an online marketplace to restaurants and institutions like universities and hotels and donates it to hunger-relief organizations to fulfill its mission of all food used with good purpose.