Full Harvest closes $23M Series B financing round
Full Harvest, the produce business-to-business marketplace specializing in surplus and imperfect produce, has announced the close of a $23 million Series B round of growth financing led by agtech investor TELUS Ventures, the strategic investment arm of TELUS corporation.
New investors Rethink Impact, Citi Impact, Doon Capital, Stardust Equity and Portfolia Food & AgTech Fund as well as existing investors Spark Capital, Cultivian Sandbox, Astia Fund, Radicle Growth and others also joined the round.
Helping solve the $2.6T global food waste problem (the leading contributor to climate change), Full Harvest plans to use the funding to further build out its online marketplace, advance its data and market insights offerings, and triple its technology and product team in 2022.
Working with some of the largest food and beverage companies (Danone North America, Health-Ade), processors (SVZ) and growers (Tanimura & Antle, Church Brothers, Deardorff Farms), Full Harvest reduces produce sourcing headaches and food waste by moving the produce supply chain online – allowing buyers to purchase more sustainable produce, lowering food production costs, and creating an additional revenue stream for farmers.
Tripling revenue during the first year of the pandemic due to the industry’s desperate need for more flexible, transparent supply chain solutions, Full Harvest recently hit a sales milestone of more than 50 million pounds of surplus and imperfect produce sold – saving over 1B gallons of water from being wasted and over 6M kg of CO2 emissions from being created.
“The importance of building more sustainable businesses has never been more evident, especially for those in the food and beverage space,” said Surbhi Martin, Vice President Greek Yogurt and Functional Nutrition, Danone North America.
"By sourcing produce online through Full Harvest and selecting fruit for our products that would otherwise have gone to waste, we are answering the growing consumer demand for more sustainable food options."