UK – Halifax-based software company Milk Moovement, has raised US$20 million in a Series A funding round to accelerate the adoption of its technology among dairy businesses in North America.
The round was led by venture capital firm VMG Catalyst and seed investor and agriculture industry expert, Richard Cargill.
Founded by Robert Forsythe (CEO) and Jon King (CPO), Milk Moovement provides a software-based platform for the dairy industry.
The Saas startup claims that its technology creates full supply chain visibility for dairy farmers.
It extends its services to farmers’ distribution partners to track and route shipments in real-time, optimize delivery schedules, and create a significant decrease in food waste and loss of profits.
The company has managed to incorporate a network of 2,500 dairy farms and over 5,000 users, including dairy businesses United Dairymen of Arizona and California Dairies Inc.
In addition, the startup revealed that it manages over 30 billion pounds of raw milk each year, which is about 15 percent of the United States (US) dairy market.
Concurrent to the Series A funding, American food safety company Ecolab also made an undisclosed minority equity investment in Milk Moovement.
This latest investment follows the company’s closure of a $3.2 million funding round last year, US$1.5 million from Sustainable Development Technology Canada (SDTC) in November, and US$350,000 pre-seed financing in 2020.
According to Milk Moovement, these investors have continued to support the company in its latest round of funding, along with Techstars.
Oatbox secures US$5.4M investment for Canadian organic oat milk production
Elsewhere, Oatbox, a Montreal-based startup of Canadian organic oat products, has raised CAD 7 million (US$5.4 million) to support the production and development of Canadian organic oat milk.
The investment from strategic investors will also be used by the startup to support its accelerated growth and position in the market.
Furthermore, the funds will allow the company to invest in the construction of a production line of international caliber to be able to sell its oat base to other manufacturers and also meet the increasing demand.
Founded in 2014, Oatbox said it has been working on the development of oat milk that is made with Canadian organic oats.
More than monetary support, the company now benefits from the expertise of a group of mentors with complementary skills on which it can rest to ensure its success.
The investment comes at a time when the company has completed its rebranding, revisited products’ recipes to make them 100% organic, vegan & GMO-free, and made packaging recyclable.
Oatbox has the ambition to be the reference for Canadian organic oat-based products.
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