Food Maven Secures $15.3 Million Series B
The new financing will help fund the company's growth and expansion
Colorado Springs startup Food Maven closed a $15.3 million Series B funding round. The round was led by Tao Capital, also a Series A investor, with contributions from Fine Line Group, the family office of Sasha and Ed Bass. The new financing will help fund the company's growth and expansion as it seeks to scale nationwide
Food Maven launched in summer 2006 as a for-profit operation focused on curbing food waste. It serves as a middle man between orginal suppliers and customers to capture unused, viable food products and consigns, warehouses, sells and delivers the good to the market place. The company sells this food through an online marketplace to restaurants and institutions.
“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,” says Ben Deda, CEO of Food Maven. Deda was named CEO of Food Maven this September, promoted from his previous position as COO of the company.
The first part of FoodMaven's expansion is starting now. Over the next 12 months, FoodMaven plans to bring its business model to Dallas-Fort Worth, Texas. In the future, the company also plans to expand into other markets and scale nationwide.
The decision for FoodMaven to expand into Forth Worth is one of the reasons that The Fine Line Group, which is headquartered in the city, decided to invest. "We are committed to investing in Fort Worth and introducing the world to the city we call home. Our backing of Food Maven is a signal that we are serious about bringing innovative and sustainable concepts to Sundance Square, DFW, and beyond,” says Sasha Bass, co-owner and principal at The Fine Line Group.
In January 2018, FoodMaven previously secured $8.6 million in Series A funding led by Walton Enterprises, the family office for the billonaire heirs to the Wal-Mart fortune.