August 15, 2012
Food-tracking app maker YottaMark raises $24M
by Cromwell Schubarth, Senior Technology Reporter | August 15, 2012
Silicon Valley / San Jose Business Journal
YottaMark Inc., whose app tells grocery shoppers where their food comes from, said on Wednesday it has nearly doubled its funding with a $24 million round led by Westbury Partners.
The new round brings the total raised by YottaMark to $53 million.
New investors include Massachusetts-based Fairhaven Capital and Minneapolis-based General Mills Ventures, as well as participation from prior investors ATA Ventures Thomvest Ventures, both from Redwood City, and San Francisco-based Granite Ventures.
The Redwood City company launched HarvestMark in 2007, which it said is now used by 300 brands to source fresh food produced by 4,000 farms from Canada to Argentina.
Its customers include The Kroger Co., Driscoll's Strawberry Associates, Sun World and Calavo, who use the software to track and analyze their supply chain.
HarvestMark can be used by shoppers on smartphones to determine whether their food is fresh and safe, where it was grown and connect directly with the farmers who produce their food. YottaMark said the HarvestMark app appeared on about 3 billion food packages in the most recent year.
James W. Schubauer II, president of New York-based Westbury Partners, is joining YottaMark's board, along with Paul Ciriello, founder and managing director of Fairhaven Capital.
YottaMark CEO J. Scott Carr said the funding would help the company market and develop its analytics used by retailers and producers.