In the growing sustainability movement, startups seeking to rescue ugly produce and lower other food waste have become a hot buy for venture capital firms and other private investors.
FoodMaven, a four-year-old Colorado startup whose online marketplace helps farmers, meat processors and food distributors find a home for their ugly produce and other previously landfill-destined excess inventory, is the latest example of that.
This week it closed another $15.3 million funding round, raising to date $22.4 million. It counts among investors members of Walmart’s founding Walton family. Walter Robb, former Co-CEO of Whole Foods, sits on its board.
“There’s definitely a growing understanding of a big problem that needs to be solved” when it comes to food waste, FoodMaven CEO Ben Deda said in an interview. “Forty percent of food supply in the U.S. ends up going to waste. There’s a good amount that’s completely good to use. There’s a lot of local products that can’t find distribution.”
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