San Francisco-based Imperfect Foods has announced increased investment in the company.
The company said in a news release that its Series D commitment will total $110 million, a $15 million increase from the previously-announced January commitment.
According to the release, the Series D round now includes two new investors, private markets investment management firm Hamilton Lane (NASDAQ: HLNE) and Blisce.
With this investment, the company said it will accelerate its goal of becoming the global leader in sustainable online grocery.
“Finding a scalable solution for online grocery shopping that is also sustainable is a giant problem to tackle,” Imperfect Foods CEO Philip Behn said in the release. “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.”
In 2020, Imperfect Foods’ sourcing strategy saved over 50 million pounds of food and avoided over 20,000 tons of carbon dioxide, according to the release.
The company’s last mile delivery model avoided another 12,000 tons of carbon dioxide emissions, and the company said it diverted more than 70% of its material waste from landfill.
“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,” Jackie Rantanen, managing director and head of product management at Hamilton Lane, said in the release.
“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.”
After four years of average triple-digit growth and a proprietary supply chain in place, the release said Imperfect Foods expanded into grocery in 2019 to include pantry goods, dairy, meat and seafood.
