Durham-based FoodLogiQ, provider of traceability, food safety and supply chain transparency software, has raised an $8 million third round of funding, according to a regulatory filing. The company raised a $4.25 million second round in September 2017.
Forbes Magazine recognized FoodLogiQ as one of the 25 Most Innovative Ag-Tech startups. It wrote:
“The average food recall costs companies $10 million. FoodLogiQ aims to reduce those costs by using data to track a supply chain (i.e, food) from the farm to the fork, ensuring the correct foods are recalled.”
Founded in 2006, the company has had rapid growth recently. It had 50 employees in September.
The company says its mission is 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.”
Its technology 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.
In an interview with WRAL Techwire preceding its presenting at the CED Tech Venture Conference in September last year, CEO Dean Wilse said:
“The food industry, no matter what size or segment, uses FoodLogiQ’s cloud-based platform to combine supplier management, quality management, traceability and transparency in a single, integrated community collaborative application. The end result provides companies the supply chain visibility to make real time decisions based on real time data, leading to time and cost savings.”
Its customer base includes CKE Restaurants, Five Guys Burgers and Fries, Hain Celestial Group, Panda Restaurant Group, Buffalo Wild Wings, Chipotle, IPC Subway, Tropical Smoothie Café, Whole Foods Market and many more.
The company disclosed the latest funding in a filing with the US Securities and Exchange Commission.