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Imperfect Foods Series D Commitment Increased To $110MM

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Imperfect Foods Attracts Two Leading Investors in the Sustainability and Corporate Social Responsibility Space

SAN FRANCISCO, Feb. 5, 2021 /PRNewswire/ -- Imperfect Foods, the leader in the sustainable online grocery space, today announced its Series D commitment will total $110M, a $15M increase from the previously-announced January commitment. The Series D round now includes two new investors, private markets investment management firm Hamilton Lane (NASDAQ: HLNE) and Blisce, both with a track record of investing in sustainability leaders and a strong commitment to building long-term value for mission-driven companies.

Imperfect Foods (PRNewsfoto/Imperfect Foods)
Imperfect Foods (PRNewsfoto/Imperfect Foods)

With this investment, the company will accelerate its goal of becoming the global leader in sustainable online grocery by increasing production capacity, accelerating its highly successful private label program, improving the shopping experience, and supporting farmers, suppliers and communities who are core to the business.

"Finding a scalable solution for online grocery shopping that is also sustainable is a giant problem to tackle. We're in it for the long haul and that's why it's important to have investors that align with our mission and values" said Imperfect Foods CEO Philip Behn. "We're excited to continue to do our part in not only making fresh food more accessible to all communities across the country, but also striving to take care of farmers and the planet while we do so."

In 2020, Imperfect Foods' sourcing strategy saved over 50 million pounds of food and avoided over 20,000 tons of carbon dioxide, with their last mile delivery model avoiding another 12,000 tons of carbon dioxide emissions. In addition, the company diverted more than 70% of its material waste from landfill. Looking forward, these new investments will help strengthen their commitment to building the most sustainable online grocery service.

Jackie Rantanen, Managing Director and Head of Product Management at Hamilton Lane, commented: "For nearly 20 years, we've been creating targeted impact strategies with an eye towards generating both attractive returns and a positive impact for our clients. This recent investment underscores our longstanding commitment to this space, and demonstrates our shared mission along with Imperfect Foods to promote and support sustainable practices."

After four years of average triple-digit growth and a proprietary supply chain firmly in place, Imperfect Foods expanded into grocery in 2019 to include pantry goods, dairy, meat and seafood. At the onset of the COVID-19 pandemic, their work of building a better, kinder food system took on new importance—from partnering with airlines to buy up allotments of first-class cheese plates no longer needed, to packaging the popcorn kernels from underutilized movie theaters who no longer had business. Imperfect Foods has built its profile and fast-growing subscriber base by shining the spotlight on a wasteful food system and changing the equation on how it can be consumed.

"Imperfect Foods' ability to reduce food waste while delighting customers is unique, and embodies the idea of doing well by doing good. Their direct sourcing from farmers combined with national direct-to-consumer delivery stands out and makes them the clear sustainable choice for online grocery shopping," stated Alexandre Mars, Founder & CEO of Blisce. "We are proud to back the team at Imperfect Foods as they pursue this important mission to provide high quality service to their customers while simultaneously building a better food system and reducing food waste across the United States."

For more information about Imperfect Foods visit www.imperfectfoods.com and follow them on Instagram at @imperfectfoods.

About Imperfect Foods
Imperfect Foods is reimagining grocery delivery and on a mission to eliminate food waste and build a kinder, less wasteful world. They offer thoughtful eaters sustainable, affordable groceries that make the weekly chore of shopping an effortless and delightful experience. With scheduled weekly deliveries they help their customers save time, money, and the planet.

About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is a leading alternative investment management firm providing innovative private markets solutions to sophisticated investors around the world. Dedicated to private markets investing for 29 years, the firm currently employs over 400 professionals operating in offices throughout North America, Europe, Asia-Pacific and the Middle East. Hamilton Lane has approximately $657 billion in assets under management and supervision, composed of approximately $76 billion in discretionary assets and approximately $581 billion in advisory assets, as of December 31, 2020. Hamilton Lane offers a full range of investment products and services that enable clients to participate in the private markets asset class on a global and customized basis. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on Twitter: @hamilton_lane.

About Blisce
Blisce is a B Corp certified growth venture capital fund focused on helping entrepreneurs build mission-driven global consumer technology companies. Founded by Alexandre Mars in 2013, Blisce is co-headquartered in New York and Paris, investing actively across the U.S. and Europe in leading companies including Spotify, Pinterest, Headspace, Too Good To Go, and Brut. As a team, Blisce has committed to donating 20% of profits to charity and works to enhance the ESG of its portfolio companies.

Cision
Cision

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SOURCE Imperfect Foods