FoodMaven Continues Rapid Growth with Additional Funding from Top Investors
January 24, 2019
Tao Capital Partners and the Walton family participate in the current
$10M round
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–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.
About Tao Capital
Tao Invest, the direct investment entity affiliated with Tao Capital
Partners, invests in technology, alternative energy and transportation,
healthcare, education, sustainable food & agriculture, consumer, and
real estate businesses that have a positive impact. Tao is an active
investor with the ability to support companies through various stages of
their life-cycle.
About FoodMaven
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. FoodMaven is good for profits, good for people and
good for the planet. For more information, please visit foodmaven.com.
Contacts
FoodMaven
Megan Cornish, 719-660-9892
meganc@foodmaven.com