FoodLogiQ, a SaaS provider of traceability, food safety and supply chain transparency solutions, has raised $19.5 million in growth financing.
FoodLogiQ offers a data-driven software solution that enables supplier management, food safety compliance, quality incident management, recall management and whole chain traceability – all on a single platform built exclusively for the food industry. The Durham, N.C.-based company said the funding will be used to accelerate product enhancements, research and development and expanded sales, marketing and customer success.
The round of financing includes strategic investors Testo, Inc., a global provider of HACCP solutions and IoT technology; Tyson Ventures, the corporate venture subsidiary of Tyson Foods, along with Pontifax AgTech, a pioneering growth capital investor in food and agriculture technology; Nicola Wealth Management, a Canadian-based asset fund management and private investment counsel firm; and Greenhouse Capital, an investor in emerging businesses that promote health and sustainable living. The round was led by Renewal Fundsm the venture capital firm that invested in FoodLogiQ in September 2017
The food technology company has numerous foodservice industry clients including Buffalo Wild Wings, CAVA, Chipotle Mexican Grill, CKE Restaurants, Compass Group USA, Five Guys Burgers and Fries, IPC/SUBWAY, Panda Restaurant Group, Raising Cane’s and Tropical Smoothie Cafe. FoodLogiQ was also recognized in 2017 by Forbes Magazine as being one of the top 25 most innovative AgTech startups.