FoodMaven, a Startup to Cut Food Waste, Gets Backing from Walton Family

Bloomberg writer Craig Giammona reported earlier this week that, “Members of the Walton family, heirs to the Wal-Mart Stores Inc. fortune, are backing a startup that thinks it can turn a profit by reducing food waste.

“The business, called FoodMaven, has completed an $8.6 million Series A fundraising round that includes financing from the billionaire Walton clan. The family office is Walton Enterprises, which holds nearly half of Wal-Mart’s stock.

The Colorado-based startup, which went live in July 2016, is creating a marketplace to find buyers for food that has been rejected by retailers, for any number of reasons, but is still good to eat. An estimated $200 billion worth of food is wasted in the U.S. each year — largely the result of a food system this is inflexible, according to Patrick Bultema, chief executive officer of the company.”

The Bloomberg article stated that, “FoodMaven currently has about 700 customers in Colorado, including restaurants, hospitals and large institutional cafeterias.”

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