- Imperfect Foods announced recently that it raised $72 million in Series C funding led by Insight Partners
Imperfect Foods announced recently that it raised $72 million in Series C funding led by Insight Partners. This round of funding was also supported by existing investors of the company, including Series B lead Norwest Venture Partners. Launched in 2015, Imperfect Foods is on a mission to eliminate food waste and build a better food system for everyone.
This round of funding will fuel continued expansion of the grocery delivery service across the country, increase capacity in new and existing fulfillment centers, and expand assortment and enhance technology to better connect producers, farmers, and customers to the brand’s mission — which is to eliminate food waste and build a better food system.
Ever since the company launched in 2015, Imperfect Foods has remained focused on eliminating food waste and supporting farmers and producers when it comes to excess and imperfect products. And the company now rescues and redistributes food across multiple grocery categories, including produce, shelf-stable goods, dairy, meat, and seafood.
In the past year, Imperfect Foods has seen impressive growth across key areas of the business. For example, average order sizes have doubled year over year and weekly order volumes have doubled since January with more customers taking advantage of the convenient service and expanded product assortment. Now Imperfect Foods is on track to save over 200 million pounds of food from going to waste in 2020.
“We’re energized by the continued support from investors as we eliminate food waste and build a better food system for everyone,” said Imperfect Foods CEO Philip Behn. “We’re illuminating vast vulnerabilities within our food supply chain and increasing access to fresh and affordable groceries. The partnership with Insight Partners comes at a unique moment – our model has not wavered in the time of COVID-19 and we’ve accelerated our roadmap as a result. This highlights how, even during times of unfathomable global hardship, we are an essential part of the safety net for hundreds of thousands of customers across the country.”
Before this round, Imperfect Foods raised $47 million from investors including Norwest Venture Partners, Maveron, Shasta Ventures, Flybridge, Corigin Ventures, and Kevin Durant. And the new funds bring Imperfect Foods’ total raised to $119 million.
“The grocery industry has been evolving for years, yet this particular moment highlights an urgent need to reinvent our food supply chain with innovative technology, and keep people safe,” added Adam Berger, Managing Director at Insight Partners — who will be joining the Board of Directors at Imperfect Foods. “Imperfect Foods plays an integral role in this industry, merging a clear social mission with affordability and convenience. We’re excited to work closely with the team as they enter this monumental phase of growth, and push the industry towards a more intentional and efficient food system.”
