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Imperfect Foods Secures 95M-Dollar Investment in Series D Funding Round

Imperfect Foods Secures 95M-Dollar Investment in Series D Funding Round


SAN FRANCISCO, CA
Wednesday, January 27th, 2021

Imperfect Foods is working to eradicate food waste, and we love to see it. To further its mission, the company recently received a commitment to invest $95 million in its Series D funding round led by Insight Partners.

Philip Behn, Chief Executive Officer, Imperfect Foods"This planned funding underscores the solid infrastructure, supply, and customer experience upon which we've built this company," said Imperfect Foods CEO Philip Behn. "2020 proved there is a real and growing demand for the marriage of sustainability and convenience in retail food. As the leading direct-to-consumer online grocer with a coast-to-coast footprint and our own last-mile delivery fleet, we plan to continue improving the customer experience by doubling down on technology and building the 'perfect imperfect assortment' for our customers."

According to a press release, Imperfect Foods had triple-digit growth in 2020, with a revenue run rate that exceeded $500 million. Currently, the company has a subscriber base of roughly 350,000 customers.

Adam Berger, Managing Director, Insight Partners"Imperfect is delivering a 'mission with a margin,'" said Adam Berger, Insight Partners' Managing Director and Imperfect Foods' Lead Director. "Insight has backed the global leaders in delivered meal kits, ready-to-eat meals, restaurant delivery, and even pet meals, and Imperfect Foods is proving they are the leader in sustainable grocery delivery. Their unit economics are exceptional, driven by their unique 'farm to fork logistics' that curates customized produce and groceries, with scheduled weekly deliveries to the customer's doorstep. Imperfect Foods' supply chain is unmatched and quickly gets fresh groceries from producers to consumers with minimum intermediaries and waste, completing the last mile in their own vans."

2020 also served as the year that Imperfect completed its pivotal transition from a regional produce-focused delivery service to the level of a national full-service grocer. Imperfect's transition included adding hundreds of new items to its catalog, and the new investment will allow the company to double its capacity and expand its product portfolio.

Imperfect Foods recently received a commitment to invest $95 million in its Series D funding round led by Insight Partners

In addition to expanding its capacity, the investment will also enable Imperfect to accelerate its private label program, improve customer shopping experiences, and lend additional support to farmers and partners who play an integral role in the success of the business.

Deli Market News will continue to report on this must-watch company’s innovative format, so stay tuned.

Imperfect Foods
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