SAN FRANCISCO, CA - Earlier this year, Imperfect Foods upped the expansion ante by announcing it received a commitment for an investment of $95 million. That number has since been increased to $110 million due to two new investors, private markets investment management firm Hamilton Lane and Blisce, both of which bring a track record of building long-term value to mission-driven companies.

“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.”

With this investment, Imperfect noted in a press release, it will accelerate its goal of becoming the global leader in sustainable online grocery. This will be done by increasing production capacity, accelerating its private label program, improving the shopping experience, and supporting farmers, suppliers, and communities.

“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,” Jackie Rantanen, Managing Director and Head of Product Management at Hamilton Lane, commented.

In 2020 alone, Imperfect Foods’ sourcing strategy saved over 50 million pounds of food and avoided over 20,000 tons of carbon dioxide. The company’s last mile delivery model avoided another 12,000 tons of carbon dioxide emissions.

In addition to this, the company diverted more than 70 percent of its material waste from landfill. With these new investments, Imperfect hopes to further strengthen its commitment to building what it deems the most sustainable online grocery service.

“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 and 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.”

We’ll continue to keep an eye on companies disrupting the traditional retail space, so stick around.

Imperfect Foods