Edit ModuleShow Tags

Colorado Springs' FoodMaven Lands $8.6 Million Series A

The startup received financing from Wal-Mart's billionaire heirs, the Walton Family


Published:

Local startup FoodMaven completed an $8.6 million Series A funding round, receiving a capital infusion from Walton Enterprises, the family office for the billionaire heirs to the Wal-Mart fortune. This follows news of former Whole Foods co-CEO Walter Robb investing in the young company and taking a board seat.

FoodMaven, a for-profit operation officially launched in summer 2016, is firmly focused on curbing food waste. Meanwhile, Wal-Mart, based in Bentonville, Ark., is working to reduce its own surplus of rejected food, as the largest seller of groceries in the country. An estimated $200 billion worth of food is wasted in the U.S. annually, largely the result of an antiquated food system, according to Patrick Bultema, CEO of the company.

Thus, FoodMaven serves as a middle man, capturing unused, but viable food products, consigning them, warehousing, selling and delivering the goods on the marketplace for deep discounts. Customers, of which there are more than 700 in Colorado, can peruse FoodMaven's inventory and buy what they need, and the startup splits the revenues with the original supplier. 

Customers include hospitals, schools, senior centers and restaurants, including the Wild Goose Meeting House, buying up products such as cosmetically flawed heads of lettuce or unusually shaped oranges.

Whatever goes unsold is donated to charities, pet food companies and pig farms, with the objective of achieving zero waste.

FoodMaven anticipates sales of nearly $10 million this year in Colorado and the company aims to add another 50-plus cities in the next five years. 

Edit Module
Gigi Sukin

Gigi Sukin is digital editor at ColoradoBiz. She can be reached at gsukin@cobizmag.com.

Get more content like this: Subscribe to the magazine | Sign up for our Free e-newsletter

Edit ModuleShow Tags

Archive »Related Articles

Things to Consider Before You Remodel

As you begin the remodeling process, there are several things to take into consideration. Some are more apparent than others, but all of the questions you ask and decisions you make will help you to achieve your vision.

How to Field a Winning Team Using Data

Rather than settle for second best when it comes to talent, mid-market companies should develop an intentional culture that offers a uniquely different experience — maybe more personal, more flexible, and closer to the company purpose.

Made in Colorado: Great Stuff for the Great Outdoors

Derek Weber cut the top off of an old van in a Greeley junkyard with a Sawzall in 2008 to make his first camper van. He started Colorado Camper Van the next year and started adding pop-tops to customers’ vans and decking out the interiors.
Edit ModuleShow Tags
Edit ModuleEdit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags