iFoodDS closes $15m in growth funding led by scaleup investor Insight Partners
iFoodDS, provider of food safety, traceability, and quality management solutions for the fresh food supply chain, announced the close of a $15 million Series A funding round led by Insight Partners, a global venture capital and private equity firm focused on investing in scalepp software companies. iFoodDS will use the funding to accelerate product innovation and support its market and category expansions.
The funding round follows a year marked by high demand for the company's cloud-based platform. Developed specifically for the food industry, it gives retailers, foodservice chains, processors, shippers, packers, and growers instantaneous visibility across the supply chain, delivers real-time food safety practice assessment and data capture, and provides solutions to improve the quality of produce deliveries.
Scott Mathews, CEO, iFoodDS: "The past 12 months have brought unprecedented change to the produce industry - from changing consumer shopping behaviors perpetuated by the pandemic to new regulation proposed by the FDA. These changes are accelerating a rapid transformation in the industry - one that is essential to delivering wholesome, high-quality produce. With the support of Insight Partners, we're well positioned to scale our efforts to help stakeholders in the supply chain improve their operations, provide transparency from farm to fork, deliver wholesome, high-quality produce, and connect their brand with consumers."
Over the past year, iFoodDS has experienced rapid growth and expansion, including acquiring HarvestMark and its line of traceability solutions and doubling its employee count, all while growing the iFoodDS global and U.S. customer footprint and welcoming some of the world's most prominent produce, foodservice, and grocery retail logos to its customer base.
Allyson White, Principal, Insight Partners: "The shift to data-driven, cloud-based solutions is still in its early stages for many stakeholders in the fresh food supply chain. iFoodDS fills a crucial role in enabling these businesses to transform their food safety, traceability, and quality management processes giving them the power to build value with their trading partners and connect with consumers at the retail shelf." As part of this funding round, White will join the iFoodDS Board of Directors.
Vic Smith, CEO, JV Smith Companies: "iFoodDS has emerged as the leading provider of food safety, traceability, and quality software for the supply chain due to their innovative product lines and technological and scientific expertise. The company is positioned to continue its evolution as a product innovator and solution provider as well as a thought leader for both its customers and the broader produce industry."
Smith is both an iFoodDS customer and member of the Board of Directors.