FoodMaven raises $15.3m in Series B financing

10th December 2019 (Last Updated December 10th, 2019 11:35)

US food distributing start-up company FoodMaven has raised $15.3m in a Series B funding round.

US food distributing start-up company FoodMaven has raised $15.3m in a Series B funding round.

The Series B funding is intended to support FoodMaven’s growth and expansion.

The funding round had seen participation from members of the Walton family, Tao Capital and Fine Line Group.

FoodMaven CEO Ben Deda said: “We’re excited to have incredible investors that share our mission of making sure all food is used with good purpose. This funding will allow us to prove out the FoodMaven model in new markets and continue to grow here in Colorado.”

The online marketplace sells surplus food from distributors, manufacturers and producers to restaurants, institutional buyers such as universities and commercial food businesses like hotels in the country.

The remaining unsold food is donated to hunger relief organisations.

In 2018, FoodMaven closed an $8.6m Series A financing, which was led by members of Walmart’s Walton family.

FoodMaven advisor Tim Ma said: “FoodMaven continues to get support and investment because they have such a compelling solution for chefs who care about sustainability.”

The company plans to launch its business model in Dallas-Fort Worth (DFW), Texas, and other markets.

Fine Line Group Sasha Bass said: “We are committed to investing in Fort Worth and introducing the world to the city we call home. Our backing of FoodMaven is a signal that we are serious about bringing innovative and sustainable concepts to Sundance Square, DFW, and beyond.”