Late-stage debt and equity-focused Westbury Partners has led a $24m financing round for sustainable food data provider YottaMark.
YottaMark said it would use the financing to accelerate sales and marketing of its HarvestMark platform, which helps food suppliers trace their products’ supply chains.
Westbury Partners president and COO James Schubaer said, “At Westbury we focus on investing in proven companies succeeding in high-growth industries.
“We see a global need for food supply chain insights and traceability in response to heightened interest in health and wellness, sustainability, and supply chain transparency.
“HarvestMark fits squarely in our profile as the market leader, and we’re pleased to provide the capital needed to secure and extend their position.”
ATA Ventures co-founder Hatch Graham, who is also on the YottaMark board, said, “The fresh food industry is an emerging market with tremendous opportunity, and HarvestMark is capitalizing on the value of big data to bring food suppliers significant return on their investment.
“We saw the potential of this platform when we led the first round of professional financing, and have been pleased to partner with management as they have built a strong leadership position.
“HarvestMark is the first solution that links the first and last mile of the perishable food supply chain, addressing needs at every point from farm to kitchen, and this company is making rapid gains in the $100bn US fresh produce industry.”
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