iFoodDS Closes $15M in Growth Funding Led by ScaleUp Investor Insight Partners
Investment supports growth acceleration, market expansion, and positions iFoodDS to address the growing need for connected food safety, traceability, and quality management
SEATTLE, March 24, 2021 /PRNewswire/ -- iFoodDS, a leading platform provider of food safety, traceability, and quality management solutions for the fresh food supply chain, today 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 ScaleUp 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.
"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," said Scott Mathews, CEO of iFoodDS. "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.
"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," said Allyson White, Principal at Insight Partners. As part of this funding round, White will join the iFoodDS Board of Directors.
"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," says Vic Smith, CEO of JV Smith Companies. Smith is both an iFoodDS customer and member of the Board of Directors. "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."
About iFoodDS
iFoodDS offers a comprehensive food supply chain platform for safety, traceability and quality management. iFoodDS enables participants across the global food supply chain – growers, packers, shippers, processors, distributors, foodservice and grocery retailers – to optimize the safety, quality and value of their offerings with real-time visibility and the confidence they are supporting industry best practices. For more information on iFoodDS, visit www.ifoodds.com or contact [email protected].
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
SOURCE iFoodDS
Share this article