DENVER--(BUSINESS WIRE)--FoodMaven today announced the company closed a Series B financing that totaled $15.3M to support FoodMaven’s growth and expansion. This round of investment came from the company’s Series A investor and Tao Capital. Fine Line Group, the family office of Sasha and Ed Bass, also invested in this round of financing.
“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,” said CEO, Ben Deda.
On September 13, Ben Deda was named CEO of FoodMaven, promoted from his previous role as COO. FoodMaven has been recognized as one of the leading startups in Colorado this year by Colorado Inno, which announced FoodMaven as one of the winners of their Inno Blazers award in October and named FoodMaven one of the coolest companies to work for in Colorado. “FoodMaven continues to get support and investment because they have such a compelling solution for chefs who care about sustainability,” said celebrity chef Tim Ma, a FoodMaven advisor.
The Fine Line Group was a new investor in this round of financing. Tyler Godoff, who manages venture investments for the family office of Sasha and Ed Bass, said their “fund seeks to back founders and ventures with a meaningful connection to Fort Worth. FoodMaven’s decision to make DFW its second market demonstrated its belief that Fort Worth is a model ecosystem in which to scale a venture.”
Over the next 12 months, FoodMaven intends to bring its business model to Dallas-Fort Worth, TX and additional markets to demonstrate the company’s ability to scale nationwide. FoodMaven’s model of capturing lost food and generating revenue for suppliers unable to sell certain products is a model that can add value to any market in the U.S.
“We are committed to investing in Fort Worth and introducing the world to the city we call home. Our backing of FoodMaven is a signal that we are serious about bringing innovative and sustainable concepts to Sundance Square, DFW, and beyond,” said Sasha Bass.
FoodMaven creates new pathways for lost food due to oversupply, out-of-spec or local food without effective distribution channels. FoodMaven sells this food through an online marketplace to restaurants and institutions like universities and hotels and donates it to hunger-relief organizations to fulfill its mission of all food used with good purpose. FoodMaven is good for profits, good for people and good for the planet. For more information, please visit foodmaven.com.