Foodtech company FoodEssentials raises $1.5M
Foodtech company FoodEssentials raises $1.5M

Foodtech company FoodEssentials raises $1.5M

October 16, 2014

Foodtech big-data company FoodEssentials which collects, aggregates and analyzes food label data for government, retailers and manufacturers has raised a $1.5M Series A, according to their SEC filing. Edward Domain over at Techli reports that the Series A was led by Mercury Fund, formerly Mercury DFJ (Draper, Fisher, Jurvetson), a storied Silicon Valley VC. Proceeds are to be used for “working capital and other general corporate purposes.” According to the SEC filing this is a $3M offering, and so there may be more capital coming to the company in this round.

FoodEssential’s core product, LabelInsight gives retailers an understanding of what’s in the products that are on their shelves and gives CPG companies information on the latest trends in product formulation and claims messaging, according to the company’s website.

To date, FoodEssentials has raised $2.3M over five rounds, including investments from Cultivation Capital (Not to be confused with Cultivian or Cultivate), an early stage investment fund, and Capital Innovators Accelerator, and two Arch Grants.

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