Full Harvest, an ag-tech startup based in San Francisco, has secured $23 million in Series B funding to digitize the produce supply chain and reduce on-farm food waste.
The funding round was led by TELUS Ventures, with participation from Rethink Impact, Citi Impact, Doon Capital, Stardust Equity Portfolio Food & AgTech Fund, Spark Capital, Cultivian Sandbox, Astia Fund, Radicle Growth, and others. This brings the total funding raised by Full Harvest to $34.5 million. Mario Mele, vice president of Corporate Strategy at TELUS Ventures, referred to the round by stating:
“We are committed to leveraging the power of technology to build a safer, more efficient, and sustainable food chain; and our investment in Full Harvest aligns with that mission. With its strong leadership and mission-driven approach, combined with our growing expertise in the AgTech space, Full Harvest is well-positioned to evolve the produce market and drastically reduce food waste by leveraging data and technology to digitize what is still a very analog market. We look forward to helping the team scale the company and transform the industry to the benefit of farmers, buyers, and the environment.”
Full Harvest was founded with the mission to reduce food waste by offering a marketplace specifically designed for surplus and imperfect produce. The startup’s partnerships with food and beverage companies, processors, and growers have allowed it to more than triple its revenue back in 2020 while making farming more sustainable. Christine Moseley, founder and CEO of Full Harvest, said in this regard:
“Dedicated to empowering ‘full harvests’ with zero food waste to support a more sustainable ag ecosystem, we are transforming a fragmented and opaque offline produce supply chain into a flexible, transparent, reliable solution by directly connecting growers with processors and food and beverage brands online. With the influx of capital, we plan to build on our incredible customer successes and expand into new markets to make the global produce supply chain more efficient and sustainable.”
According to a report by the World Wildlife Fund (WWF), more than 40% (2.5 billion tons) of all produce goes to waste every year despite never making it out of the farms due to shape and appearance standards, which make them less likely to be acquired by customers. By allowing businesses to acquire this surplus, Full harvest can reduce the environmental impact of this waste while also bringing value to the industry.