The Halifax startup beefs up its cash reserves.
Halifax-based SaaS startup Milk Moovement has announced that it closed a $26 million CAD ($20 million USD) Series A round led by VMG Catalyst.
Other investors that contributed to the round include Richard Cargill, founder of Turas Mara, which invests in companies that develop sustainable solutions to food, agriculture, and water. Concurrent to the Series A funding, American food safety company Ecolab also made a minority equity investment in Milk Moovement.
Milk Moovement previously secured $4 million CAD ($3.2 million USD) from lead investor Dynamo Ventures, as well as Bread & Butter Ventures, Matchstick Ventures, and SOSV. According to Milk Moovement, these investors have continued to support the company in its latest round of funding.
Founded by Robert Forsythe (CEO) and Jon King (CPO), Milk Moovement provides a software-based platform for the dairy industry. The startup claims that its technology creates full supply chain visibility for dairy farmers and their distribution partners to track and route shipments in real-time, optimize delivery schedules, and create a significant decrease in food waste and loss of profits.
Since its inception in 2018, Milk Moovement said that it has grown its network of dairy farms to 2,500. This consists of over 5,000 users, including global Fortune 100 consumer packaged goods (CPG) companies. The company manages over 30 billion pounds of raw milk each year, which it noted is about 15 percent of the United States (US) dairy market.
Over the past year, Milk Moovement highlighted that its annual recurring revenue grew by more than ten-fold. Some of the early adopters of its technology include the United Dairymen of Arizona, and California Dairies, which Milk Moovement said is the second largest milk marketing cooperative in the US, with more than 300 farms and produces over 17 billion pounds of milk annually.
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Backed by new funding, Milk Moovement intends to accelerate its product development efforts and the adoption of its technology among dairy businesses in North America.
In November, Milk Moovement received $1.5 million from the Sustainable Development Technology Canada (SDTC), in addition to the undisclosed amount of funding it received from SDTC’s Seed Fund. Milk Moovement also previously secured $350,000 in pre-seed financing in 2020.
Milk Moovement was also one of the five companies selected to join the Volta Cohort competition in 2018. Additionally, it was accepted to be part of the Techstars’ Farm to Fork accelerator in 2020.
Featured image from Daniel Quiceno M via Unsplash.
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