FoodLogiQ, the emerging entrepreneurial firm based in Durham that is helping the food industry better track food supplies, is getting a second round of financing.
The funding is being announced today at the CED Tech Venture Conference where FoodLogiQ is a featured presenter.
Leading the new round of funding is Canada-based Renewal Funds.
The amount of the funding was not disclosed.
The company, which launched in 2006, also has not disclosed the amount of its first round, which closed in 2015. Clarkston-Potomac Group had provided previous FoodLogiQ funding.
“Renewal’s focus on food and tech companies at the forefront of social and environmental change aligns perfectly with FoodLogiQ’s mission,” said FoodlogiQ CEO Dean Wiltse in the announcement.
The company says the funds will be used to “map the world’s food chain, make it as safe as possible and empower people to make informed decisions about the food they eat.”
“FoodLogiQ help companies achieve end-to-end traceability while supporting safe and high quality food products across the supply chain,” he told WRAL TechWire for a company profile.
“FoodLogiQ’s platform is an online supplier community used by food companies to manage quality, safety, audit, regulatory compliance and traceability needs across their supply chains. To meet mounting regulatory requirements and consumer demands for transparency, food companies are leveraging FoodLogiQ to validate supplier compliance with food safety and act with confidence in the event of a food safety or quality issue.”
FoodLogiQ recently added new customers CKE Restaurants, Five Guys Burgers and Fries, the Hain Celestial Group, Panda Restaurant Group and others..Buffalo Wild Wings, Bareburger, CAVA, Chipotle Mexican Grill,IPC/SUBWAY, Tropical Smoothie Cafe and Whole Foods Market also are customers.
“We could not be more pleased to help accelerate the growth of the industry leader in food supply chain traceability, visibility and transparency,” said Renewal Funds CEO Paul Richardson. “The platform that FoodLogiQ has built is completely changing the food industry, and Renewal Funds is thrilled to help fuel that change.”