Dairy supply company Milk Moovement raises $3.2m for expansion
SOSV and Techstars provided follow-on investment in the round. Richard Cargill, a member of Cargill’s board of directors, is also a personal angel investor.
In addition, Milk Moovement CEO and co-founder Robert Forsythe said the company will be opening a new office in Minneapolis, Minnesota, to further expand across the US as interest and demand for Milk Moovement’s software continues to grow.
Since its inception, Milk Moovement said it has realized a compound annual growth rate in its raw milk under management of around 117%.
“We’re excited to bring our solution to even more members of the global dairy industry,” said Forsythe.
“Our proprietary software tracks all milk shipments from producers to processing plants and delivers real-time quality and quantity information to producers, processors, transporters, and cooperatives. We have experienced tremendous momentum in our core software offering as clients see the benefits of digitizing and optimizing their dairy supply chains.
“At Milk Moovement, we are committed to helping the industry thrive by modernizing the antiquated dairy supply chain to make it more efficient, sustainable, and profitable for everyone.”
Cargill said, “The delivery of high quality, more nutritious, and even more efficient products is imperative for success in 21st-century agriculture. Milk Moovement is the dairy supply chain tool that will be at the forefront of the industry’s success. What separates this team from competitors is their empathy for the challenges faced by the industry and their relentless drive to create value for customers. It has been a privilege to mentor this team and I look forward to supporting them as they grow.”
“Dynamo reviews a huge number of startups every year that seek to modernize the food supply chain,” said Jon Bradford, Dynamo Ventures Partner.
“What stood out to us about Milk Moovement was the founders, their incredible long-term vision, and their engagement with the industry at many different levels. We wholeheartedly believe in the team’s ability to capture this vast market and bring innovative solutions to the dairy supply chain.”
Milk Moovement will primarily invest the new funds in product development, software enhancements, and international expansion.
