- Imperfect Foods — a leader in the sustainable online grocery space — recently announced the Series D commitment will total $110 million. These are the details.
Imperfect Foods — a leader in the sustainable online grocery space — recently announced the Series D commitment will total $110 million, a $15 million increase from the previously-announced January commitment. And the Series D round now includes two new investors, private markets investment management firm Hamilton Lane and Blisce, both with a track record of investing in sustainability leaders and a strong commitment to building long-term value for mission-driven companies.
With this funding round, 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.
Last year, 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. And in addition, the company diverted more than 70% of its material waste from landfill. Looking forward, these new investments will help strengthen their commitment to building the most sustainable online grocery service.
After 4 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. And 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.
KEY QUOTES:
“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. 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.”
— Imperfect Foods CEO Philip Behn
“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.”
— Jackie Rantanen, Managing Director and Head of Product Management at Hamilton Lane
“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. 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.”
— Alexandre Mars, Founder & CEO of Blisce
