Source: Milk Moovement news release
Milk Moovement, a leading cloud-based dairy supply chain software company, today announced the closing of a $20 million USD Series A round led by VMG Catalyst, the venture capital firm that invests in technology powering the next generation of retail and consumer businesses. The new funding will help accelerate product development and adoption of Milk Moovement among leading dairy businesses in North America.
The over $600 billion global dairy industry has yet to experience a major digital transformation, and the finite delivery windows of a perishable product and constantly shifting consumer preferences make the industry ripe for disruption. Milk Moovement’s technology platform brings the industry from pen-to-paper and legacy systems to the cloud – creating full supply chain visibility for dairy farmers and their distribution partners to track and route shipments in real-time, optimize delivery schedules, and ultimately create a significant decrease in food waste and loss of profits.
“We constantly seek out the best and brightest talent to join us as we build market-leading products and partner with dairy industry leaders,” said CEO and Co-Founder Robert Forsythe. “This latest round of funding is a major win for our employees and investors, but most importantly it allows us to support our incredible partners in getting the right milk to the right place at the right time.”
“VMG Catalyst immediately saw the value Milk Moovement brings to the dairy industry, in particular given a heightened focus on the fragility of global supply chains and the corresponding impact on consumer goods,” said Carle Stenmark, General Partner at VMG Catalyst. “Real-time data transparency is critical for managing perishables and provides tremendous benefit to all the constituents in the dairy value chain. We’re looking forward to seeing even broader adoption of the company’s innovative software platform, and the positive change it creates for the industry.”
Seed investor and agriculture industry leader, Richard Cargill, is also participating in the company’s Series A, “It’s been an honor to be a part of Milk Moovement as they provide something truly unique for the industry. The team has been exceeding expectations in their rollout to empower new customers with much-needed data and the company is just getting started. I am looking forward to the acceleration of creating distinctive customer value this new investment will enable.”
Jafar Shahwan, Vice President of Supply Chain at California Dairies, one of Milk Moovement’s customers says “Adopting Milk Moovement’s technology has unlocked our imagination on how dairy supply chains should operate. I am a true fan of the solution and the capabilities it brings to the industry. The software brings all stakeholders together in real-time, which allows for clarity and visibility on key elements of our operations. Milk Moovement is a true partner to California Dairies and has changed the way business is managed, decisions are made, and communication flows.” California Dairies is the second largest milk marketing cooperative in the US, with more than 300 farms and produces over 17 billion lbs. of fresh, high-quality milk annually.
Milk Moovement currently has a network of 2,500 dairy farms and over 5,000 users including global Fortune 100 CPG companies. The company manages over 30 billion pounds of raw milk each year, which equates to about 15% of the U.S. dairy market. Over the past year, Milk Moovement saw its annual recurring revenue grow by more than 10x. At the forefront of this growth are early adopters of Milk Moovement including United Dairymen of Arizona, California Dairies Inc, and many more to be announced this year.
Concurrent to the completion of Series A funding round, Ecolab, a global leader in hygiene and infection prevention solutions, made a minority equity investment in Milk Moovement. “We have been impressed by Milk Moovement’s cloud-based platform and its potential to connect all players along the dairy supply chain and transform value delivery and stakeholder experience,” said Sam Hsu, Ecolab EVP of Strategic Planning.
Milk Moovement previously secured $3.2 million USD in funding from lead investor Dynamo Ventures, alongside Bread & Butter Ventures, Matchstick Ventures, and SOSV. These investors continue to support Milk Moovement in this latest round of funding and are thrilled at the company’s impressive rate of growth. The company currently employs 50 people across Canada and the United States.
About Milk Moovement
Founded in 2018 by Jon King and Robert Forsythe, Milk Moovement is a rapidly expanding dairy SaaS company. Milk Moovement is currently in a period of tremendous growth with established clients across Canada, the US, and Australia. Its mission is to get the right milk to the right place at the right time using its proprietary software that tracks all milk shipments and delivers real-time quality and quantity information to all dairy stakeholders. Milk Moovement believes in data-driven food supply chains that are able to feed generations to come. For more information on Milk Moovement, please visit us at www.milkmoovement.com and follow us on LinkedIn and Twitter.
About VMG Catalyst
VMG Catalyst is a venture capital firm that invests in technology that supports consumer businesses. The firm believes that innovative software and technically advanced supply chains will be the differentiating factor behind the next generation of iconic brands and retailers. VMG Catalyst leverages its access to the consumer ecosystem through the VMG Partners franchise, which was founded in 2005, to identify acute pain points and help software founders prioritize their product roadmaps. VMG’s large network and strong track record of scaling consumer brands provides the Catalyst team with a unique investment perspective grounded in industry experience, and allows them to facilitate connections between brands, retailers and emerging technology companies. For more information on VMG Catalyst, visit: catalyst.vmgpartners.com