DURHAM – FoodLogiQ LLC., a provider of food safety and supply chain transparency software, has raised an additional $3.5 in equity after raising $8 million in February, according to a filing with the Securities and Exchange Commission.
The company has now raised a total of $11.5 million in three months and plans to use the funding to accelerate product enhancements, research and development, and expand its sales and marketing teams.
FoodLogiQ creates farm-to-fork-traceability for clients, and its technology enables supplier management, food safety compliance, quality incident management, recall management and whole chain traceability. The company’s technology software allows suppliers and farmers to provide details to customers like how the food is grown, whether pesticides were used, and how the product is shipped.
“Food companies are embracing global standards to increase efficiencies and build a foundation for traceability and supply chain visibility,” said FoodLogiQ’s Chief Marketing Officer Katy Jones in an interview on Hypepotamus. “Food traceability promises more data at every step of the supply chain, allowing food business to identify potential hazards and mitigate risks of compromised product.”
The company has over 7,000 registered businesses, including Chipotle Mexican Grill, Buffalo Wild Wings and Amazon-owned Whole Foods, and is continuing to grow its clientele, along with increased interest from investors.
As the Durham-based company expands, the company says the Research Triangle Park is an ideal home.
AgTech is flourishing in the state — not only is agriculture the biggest industry in North Carolina, but the many local life sciences and biology companies are spending money to incubate startups that can accelerate innovation in the space.
“Durham sits in the midst of the Research Triangle, a world-class tech hub. With so many universities and a growing start-up community, it’s a great market in which to recruit talent,” says Jones. “Opportunities abound for the innovators.”
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
