FoodLogiQ, which sells traceability, food safety and supply chain transparency solutions, has raised $19.5 million in growth financing to accelerate its rapid, expansion across the food industry.
The oversubscribed round was led by Renewal Funds, the mission-based venture capital firm that invested in FoodLogiQ in a $4.25 million B round in September 2017.
It includes strategic investors Testo, Inc., a global provider of HACCP solutions and IoT technology, and Tyson Ventures, the corporate venture subsidiary of Tyson Foods, along with Pontifax AgTech, a pioneering growth capital investor in food and agriculture technology, Nicola Wealth Management, a Canadian-based asset fund management and private investment counsel firm, and Greenhouse Capital, an investor in emerging businesses that promote health and sustainable living.
FoodLogiQ offers a comprehensive, data-driven software solution that enables supplier management, food safety compliance, quality incident management, recall management and whole chain traceability – all on a single platform built exclusively for the food industry.
The funding will be used to accelerate product enhancements, research and development and expanded sales, marketing and customer success.
The fast-growing food technology company is already dominating the foodservice industry, boasting a customer base that includes Buffalo Wild Wings, CAVA, Chipotle Mexican Grill, CKE Restaurants, Compass Group USA, Five Guys Burgers and Fries, IPC/SUBWAY, Panda Restaurant Group, Raising Cane’s and Tropical Smoothie Cafe.
FoodLogiQ’s reach extends across the entire supply chain to include food manufacturers such as Hain-Celestial and Seal the Seasons, food retailers including Whole Foods Market, as well as hundreds of growers, co-packers and produce marketers. FoodLogiQ was also recognized in 2017 by Forbes Magazine as being one of the top 25 most innovative AgTech startups.
“The substantial amount of investment interest FoodLogiQ has received is indicative of the confidence in our amazing team and the value of our product to our customers and the food industry,” said Dean Wiltse, CEO of FoodLogiQ said in a statement. “It is great validation to know that we’re moving in the right direction and fulfilling our mission of mapping the world’s food chain.”
“Tyson Ventures invests in companies that are developing breakthrough solutions for the food supply chain, and we see FoodLogiQ as a leader in technology-enabled traceability,” said Justin Whitmore, executive vice president of Corporate Strategy and Chief Sustainability Officer of Tyson Foods. “We’re excited to collaborate with such an innovative organization that, like Tyson Foods, wants to make a lasting, positive impact on the food industry.”
“Pontifax AgTech continually mines the agricultural technology industry for the next generation of proven technologies that improve the productivity, sustainability and efficiency of the food supply chain,” said Phil Erlanger, co-founder and managing partner of Pontifax AgTech. “These are explosive trends that will make the food we eat better, and let people live the lifestyles they value. FoodLogiQ has demonstrated they are a force in the food marketplace, and we are excited to help drive their future growth in this space.”
Previous funding of FoodLogiQ was provided by Clarkston-Potomac Group.
