Imperfect Foods, a US-based sustainable online grocery space, announced its Series D commitment will total $110M, a $15M increase from the previously-announced January commitment.
New investors Hamilton Lane and Blisce took part in the ongoing funding round.
With this investment, 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.
“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” said Imperfect Foods CEO Philip Behn. “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.”
In 2020, 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. 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.
Jackie Rantanen, Managing Director and Head of Product Management at Hamilton Lane, commented: “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.”
“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,” stated Alexandre Mars, Founder & CEO of Blisce. “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.”
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