FoodMaven, a Colorado Springs-based company that redistributes “oversupplied food” from suppliers to buyers through its online marketplace, is welcoming an industry veteran to its Board of Directors. Whole Foods’ former Co-CEO Walter Robb, who stepped down from his previous role at the end of last year, has joined the company’s Board, as well as invested what FoodMaven CEO and Co-Founder Patrick Bultema called a “significant” and “sizeable” sum.
"FoodMaven is going straight at the growing challenge of food waste and has created an imaginative and innovative market-based approach to using more of what we produce," said Robb. "I am excited to join with Patrick and team to help with this effort and grow the company."
The start-up’s business model pairs well with the big food system because it acquires high-quality food from oversupply, imperfects, and local products. Then, through the use of its internet marketplace and logistics system, the company re-sells and delivers what it refers to as “lost food.”
“We believe that the food system needs a 'back-to-the-future' play—an agile hybrid of the best of local, and the best of the current big food system, seamlessly blended together," said Bultema.
With plans to expand its operations to up to 100 major cities within the next five years, a recent press release expressed that the start-up has a someday goal of $1 billion in revenue and 8,000 employees.
"Walter is one of the most influential people in the U.S. food system, and we are thrilled to welcome him as a significant investor, trusted advisor, and member of our Board of Directors," said Bultema. "His decades of thought leadership in the food industry, experience at Whole Foods Market, and most recently his involvement in Amazon's acquisition of Whole Foods, will be instrumental as we continue to grow FoodMaven and transform how we think about the big food system."
The company’s focus is on addressing everyone within the food industry, as it offers quick delivery times; cheap prices; and high-quality to restaurants, kitchens, and other buyers. Further, it provides an opportunity to make a profit on products that would become food waste for grocery distribution centers, food distributors, and producers.
FoodMaven is planning to roll out its services nationally in the coming year, as it is now in the final push to build in the Front Range metro areas of Colorado. Looking for more details on this start-up’s innovative business plan? Visit foodmaven.co.