Food tech startup Foodberry raising $15M Series A
Foodberry, a Boston-based food tech startup, is raising a $15 million Series A round that will close by the end of this year, CEO Marty Kolewe tells Axios exclusively.
Why it matters: After taking years to hone its product and branding, the B2B provider of plant-based packaging is finally coming to market this year.
Details: Prospective investors will include its multinational B2B partners, Kolewe says.
- The raise coincides with commercial launch milestones and proceeds will be invested in accelerating growth, he says.
- Foodberry has raised around $13 million in seed financing since 2019, Kolewe says.
How it works: Foodberry has reverse-engineered fruit skins, creating edible, non-permeable, plant-based coatings from fruit and vegetable fibers that can replace packaging such as plastic.
- Theoretically, its products could be sold alongside apples and oranges, with coatings akin to that of tomato or blueberry.
- Foodberry is working with various CPG companies, including an unnamed $1 billion-plus coffee brand.
Catch up fast: The startup has partnered with dairy-free ice cream company NadaMoo to develop a line of frozen snack treats.
- It's also been working with a startup in New York City that uses its wrapping for fruit.
Flashback: Foodberry, once known as Incredible Foods, was founded in 2012 under the original name WikiFoods by Harvard professor David Edwards.
- The initial premise was to make sustainable and edible packaging inspired by fruit skins.
- It earned recognition from Time magazine in 2014 for creating what was deemed an edible wrapper.
What's next: Currently, the company co-manufactures products in its facility in Boston, but the business model will rely mainly on royalty and tech transfers, Kolewe says.
What they're saying: "We are a technology company. We are providing real innovation that's better for people and actually makes an impact, so let's partner up with some major players," Kolewe says.