Exclusive: SnoFox raises $4.5M for cold chain sustainability
Software developer SnoFox closed a $4.5 million seed round to reach more warehouses, shippers and other companies that store food and medications along the so-called "cold chain."
Why it matters: Keeping stuff cool demands huge amounts of electricity and can release potent greenhouse gases — making cold chain logistics a sector ripe for cost savings.
How it works: SnoFox offers its software and analytics to warehouses and other facilities as a subscription.
- The NYC-based startup is working with 10 facilities in the U.S. It raised the seed round to expand hiring and onboard more customers.
Details: Voyager Ventures led the all-equity round, which closed in March.
- Pale Blue Dot, Ponderosa Ventures and Mudcake participated.
State of play: Nearly 80% of cold storage sites were built before 2000.
Meanwhile: Refrigerators often leak hydrofluorocarbons, or HFCs, which are magnitudes more powerful than carbon dioxide.
1 fun thing: CEO Ben Rubin founded the company with his older brother, Matt.
- Their father, medical professor Harvey Rubin, in 2010 launched Energize the Chain, a Philadelphia nonprofit that uses cellphone towers to power small refrigerators for storing vaccines in remote areas.