“Waste not, want not” is the driving principle behind Full Harvest, a B2B marketplace for buyers and sellers of excess food.
And that principle and how Full Harvest is applying is drawing serious attention—and cash—from investors.
Full Harvest—which runs a marketplace connecting farmers with commercial buyers for sales of imperfect and surplus produce—has raised $23 million in new working capital from TELUS Ventures, the strategic investment arm of TELUS Corp. Other investors include Rethink Impact, Citi Impact, Doon Capital, Stardust Equity and Portfolia Food & AgTech Fund, Spark Capital, Cultivian Sandbox, Astia Fund, and Radicle Growth.
TELUS is a Toronto-based provider of telecommunications, health, safety, and security products and services.
Full Harvest, based in San Francisco, will use the funds to further build out its online marketplace, develop its data management strategy and triple the size of its technology and product development staff next year, the company says.
Specifically, Full Harvest will spend more money to grow its network of national network buyers and sellers and develop deeper analytics for more detailed produce availability and pricing, specifications, sustainable products, and product quality and forecasting.
“We are transforming a fragmented and opaque offline produce supply chain into a flexible, transparent, reliable solution by directly connecting growers with processors and food and beverage brands online,” says Full Harvest CEO Christine Moseley.
Full Harvest recently hit a sales milestone of more than 50 million pounds of surplus and imperfect produce sold, the company says.
“With the influx of capital, we plan to build on our customer successes and expand into new markets to make the global produce supply chain more efficient and sustainable,” Moseley says.
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