Imperfect Foods Series D Commitment Increased To $110MM
San Francisco, Feb. 5, 2021 /PRNewswire/ -- Imperfect Foods announced a total of $110M for its Series D funding, a $15M increase from prior commitments. This round includes new investors Hamilton Lane (NASDAQ: HLNE) and Blisce, both focusing on sustainable solutions. The investment will enhance production capacity, improve shopping experiences, and support suppliers. Imperfect Foods has already saved over 50 million pounds of food and diverted 70% of waste from landfills in 2020. The company aims to lead the sustainable online grocery market.
- Series D funding increased to $110M, enhancing growth potential.
- New investors Hamilton Lane and Blisce are committed to sustainability.
- Investment will boost production capacity and improve user experience.
- Significant sustainability achievements, including saving over 50 million pounds of food.
- None.
SAN FRANCISCO, Feb. 5, 2021 /PRNewswire/ -- Imperfect Foods, the leader in the sustainable online grocery space, today announced its Series D commitment will total
With this investment, the company will accelerate its goal of becoming the global leader in sustainable online grocery by increasing production capacity, accelerating its highly successful private label program, improving the shopping experience, and supporting farmers, suppliers and communities who are core to the business.
"Finding a scalable solution for online grocery shopping that is also sustainable is a giant problem to tackle. We're in it for the long haul and that's why it's important to have investors that align with our mission and values" said Imperfect Foods CEO Philip Behn. "We're excited to continue to do our part in not only making fresh food more accessible to all communities across the country, but also striving to take care of farmers and the planet while we do so."
In 2020, Imperfect Foods' sourcing strategy saved over 50 million pounds of food and avoided over 20,000 tons of carbon dioxide, with their last mile delivery model avoiding another 12,000 tons of carbon dioxide emissions. In addition, the company diverted more than
Jackie Rantanen, Managing Director and Head of Product Management at Hamilton Lane, commented: "For nearly 20 years, we've been creating targeted impact strategies with an eye towards generating both attractive returns and a positive impact for our clients. This recent investment underscores our longstanding commitment to this space, and demonstrates our shared mission along with Imperfect Foods to promote and support sustainable practices."
After four years of average triple-digit growth and a proprietary supply chain firmly in place, Imperfect Foods expanded into grocery in 2019 to include pantry goods, dairy, meat and seafood. At the onset of the COVID-19 pandemic, their work of building a better, kinder food system took on new importance—from partnering with airlines to buy up allotments of first-class cheese plates no longer needed, to packaging the popcorn kernels from underutilized movie theaters who no longer had business. Imperfect Foods has built its profile and fast-growing subscriber base by shining the spotlight on a wasteful food system and changing the equation on how it can be consumed.
"Imperfect Foods' ability to reduce food waste while delighting customers is unique, and embodies the idea of doing well by doing good. Their direct sourcing from farmers combined with national direct-to-consumer delivery stands out and makes them the clear sustainable choice for online grocery shopping," stated Alexandre Mars, Founder & CEO of Blisce. "We are proud to back the team at Imperfect Foods as they pursue this important mission to provide high quality service to their customers while simultaneously building a better food system and reducing food waste across the United States."
For more information about Imperfect Foods visit www.imperfectfoods.com and follow them on Instagram at @imperfectfoods.
About Imperfect Foods
Imperfect Foods is reimagining grocery delivery and on a mission to eliminate food waste and build a kinder, less wasteful world. They offer thoughtful eaters sustainable, affordable groceries that make the weekly chore of shopping an effortless and delightful experience. With scheduled weekly deliveries they help their customers save time, money, and the planet.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is a leading alternative investment management firm providing innovative private markets solutions to sophisticated investors around the world. Dedicated to private markets investing for 29 years, the firm currently employs over 400 professionals operating in offices throughout North America, Europe, Asia-Pacific and the Middle East. Hamilton Lane has approximately
About Blisce
Blisce is a B Corp certified growth venture capital fund focused on helping entrepreneurs build mission-driven global consumer technology companies. Founded by Alexandre Mars in 2013, Blisce is co-headquartered in New York and Paris, investing actively across the U.S. and Europe in leading companies including Spotify, Pinterest, Headspace, Too Good To Go, and Brut. As a team, Blisce has committed to donating
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SOURCE Imperfect Foods
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