FoodLogiQ Secures $19.5M in Oversubscribed Financing Round
Testo, Tyson Ventures, Pontifax AgTech, Nicola Wealth Management and Greenhouse Capital join Renewal Funds to bolster leading food traceability and transparency tech company
DURHAM, N.C.–(BUSINESS WIRE)–FoodLogiQ, the leading SaaS provider of traceability, food safety and supply chain transparency solutions, today announced it has raised $19.5 million in growth financing to accelerate its rapid expansion across the food industry.
The round of financing 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. The round was led by Renewal Funds when the mission-based venture capital firm invested in FoodLogiQ in September 2017.
FoodLogiQ offers the most 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 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. “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.”
“FoodLogiQ is at the center of the food and technology scene, setting the gold standard in supply chain management and traceability,” said Bill Pezza, President of Testo North America. “Testo is proud to be affiliated with this growing company, and we look forward to our collective success in the coming years.”
“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, EVP 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.”
“FoodLogiQ serves such a tremendous need in the marketplace – the need for a higher level of transparency in the food industry,” said Kazuki Nohdomi, Portfolio Manager at Nicola Wealth Management. “This strong market need, along with the company’s vision, team, and customer focus, made FoodLogiQ a natural fit for investment.”
“We are thrilled to help drive FoodLogiQ’s growth as a company,” said Eric Desai, Partner at Greenhouse Capital Partners. “We invested in FoodLogiQ not only because they have an incredibly strong team that is delivering a product focused solely on the food supply chain, but also because we found that FoodLogiQ’s biggest champions are its own customers.”
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.
FoodLogiQ’s funding prior to this financing round has been provided by Clarkston-Potomac Group.