Over the last year, Imperfect Foods, the company that arrived as a delivery service for misshapen fruits and vegetables at a value, has been working to transition from a regional produce-focused delivery service to a national full-service grocer, including the rollout of private label items.
Furthering this goal, Imperfect Foods announced it received a commitment of $95 million in growth investment. A round of financing will be led by Insight Partners and Norwest Venture Partners. Imperfect Foods said the investment will help it double its capacity and product assortment in its existing facilities, accelerate its “highly successful private label program,” improve the shopping experience, and support farmers and partners at the core of its business.
The company has a current subscriber base of 350,000 customers and said it reported triple-digit growth in 2020 verus the year prior and generated a revenue run rate in excess of $500 million.
This week, Imperfect Foods launched its first non-food and beverage private label items with a rose oil facial oil, avocado honey body butter and a three-in-one shampoo product.