Announcing Our $20M Series A Funding to Transform the Dairy Supply Chain
We are excited to announce that Milk Moovement closed on 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. Also participating were minority investors Ecolab and existing investors Bread and Butter, Richard Cargill, Volta, SOSV, Techstars, Matchstick Ventures and Dynamo Ventures.
When Jon King and Rob Forsythe started Milk Moovement, it was because they were tired of tracking pen and paper data or using out-dated legacy systems and knew there had to be a better way to track the dairy supply chain. It didn't take long to learn that much of the industry suffers from similar problems of data getting lost, miscommunication, and an overall lack of accountability. The over $600 billion global dairy industry had yet to experience a major digital transformation. Now, our platform brings the industry's data to the cloud – creating full supply chain visibility for dairy cooperatives and their distribution partners to track and route shipments in real-time, optimize delivery pick-up and drop-off schedules, and ultimately create a significant decrease in food waste and loss of profits.
With the dairy industry continuing to grow, we see massive opportunities to solve issues in the dairy supply chain in the coming years. These funds will be used to continue building the best dairy supply chain software in the world, partnering with our current customers for feedback. We’re focused primarily on building our engineering and product teams to help us achieve our aggressive goals, and of course we cannot wait to have VMG Catalyst through this next period of growth.
“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.”
Milk Moovement currently has a network of 2,500 dairy farms and over 5,000 users including those from global Fortune 100 CPG companies. We manage about 30 billion pounds of raw milk each year, which equates to roughly 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.
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 us in this latest round of funding and are thrilled at the company’s impressive growth rate. The latest round of funding is a huge win for our employees and investors. It will allow us to support the industry in getting the right milk to the right place at the right time.
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.