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Startup 'FoodMaven' Aims To Cut Food Waste, Gets Backed By Wal-Mart

By Brian Spaen

Waste has been an accepted norm in the food industry with businesses anticipating those costs. A new startup from Colorado, FoodMaven, wants to change that by turning potential waste into something useful. Walton Enterprises, who own 50 percent of Wal-Mart, sees the potential and is looking to enhance the process by funding the new company.

In total, FoodMaven received $8.6 million in “Series A fundraising” and included an undisclosed amount from the Walton family according to Bloomberg. Their enterprise is worth around $150 billion and would easily be the biggest supporter for the startup. Patrick Bultema, CEO of FoodMaven, didn’t believe there would be any direct ties with Wal-Mart as they mostly work with suppliers.

How does this process fully work to lower food waste? FoodMaven buys excess food that would otherwise be tossed away. They’ll also take food that has cosmetic problems with it, such as products with incorrect wording or it may not be structurally appealing for consumers. The recovered items are then resold to other buyers, such as restaurants, grocery stores, and hospitals at a discounted rate.