Imperfect Foods, a business that is redefining sustainable grocery delivery, declares that it has obtained a commitment to support a $95MM Series D expansion investment.
Insight Partners, who previously led the Series C investment 8 months ago, and Norwest Venture Partners will lead the Series D funding. Imperfect Foods experienced triple-digit growth in 2020 over the previous year and ended the year with a run rate of more than $500M in revenue. It completed its transformation from a regional produce-focused delivery service to a full-service national supermarket in 2020, expanding its inventory by hundreds of goods.
The firm hopes to improve the shopping experience, help farmers and partners that are important to the company’s success, and accelerate its extremely successful private label program. As well as quadruple capacity and product assortment in current facilities with this additional investment. Imperfect Foods has swiftly risen to the top of the mission-driven online grocery market with a membership base of over 350,000 people.
Imperfect Foods CEO Philip Behn stated that the expected capital underscores the robust infrastructure, supply, and customer experience on which we’ve created this firm. Adam Berger, managing director of Insight Partners and lead director of Imperfect Foods, stated that the company is offering a “purpose with a margin”.
Imperfect Foods is establishing itself as the market leader in environmentally friendly grocery delivery, and Insight has supported the world leaders in delivering meal kits, ready-to-eat meals, restaurant delivery, and even pet meals. With the least amount of waste and intermediaries and by driving their own vans for the last mile, Imperfect Foods’ supply chain is unequaled in its ability to swiftly deliver fresh goods from farmers to customers.”
Imperfect Foods, a company founded in 2015 with the aim of reducing the 40% of unspoiled food that is thrown out in the U.S. every year, started out by supplying consumers with extra or unsightly fruit that was, by all other standards, fully healthy and fresh. They also expanded into supermarket staples in 2019 to include shelf-stable foods, dairy, meat, and seafood after four years of averaging triple-digit growth and a well-established proprietary supply chain.
Their efforts to create a better, kinder food system gained fresh significance around the time of the COVID-19 epidemic, from working with airlines to get allotments of first-class cheese plates to packing the popcorn kernels from underused movie houses. Imperfect Foods has developed a reputation and a rapidly expanding subscription base by drawing attention to a wasteful food system and altering the rules about how it can be consumed.