Venture Capital: Nuveen Backs ‘Do Good Foods,’ A Food Waste Upcycler, With $169M
Do Good Foods is a venture floated by the Kamine Family, which has been building large infrastructure projects for 40 years.
Do Good Foods has a mission to address the problem of the 48 billion pounds of food waste generated by grocery stores each year. Rather than throw food away, Do Good Foods is upcycling it. Surplus grocery food is first shared with local food pantries — what’s left over is then sent to its facility to be repurposed into feed for animals, such as chicken. The company received a $169 million investment from Nuveen. (BusinessWire)
The company has created a “closed loop system” that utilizes the feed for the nutrition of animals, and then processes those animals for sale as healthy, sustainable alternatives.
Do Good Chicken, a sustainable, carbon reduced chicken, will be the company’s first product. It will roll out across the country early next year.
“When we launch our mission driven consumer food brand, people can simply eat some delicious chicken and have significant impact on food waste and climate change,” the company said in its announcement. “Do Good Foods will make an impact on this issue at a scale that we have not yet seen.”
Production facility in Pennsylvania
In its drive to “take a scaled infrastructure approach to eliminating grocery store food waste in the United States,” Do Good Foods has already set up its first production facility in Fairless Hills, Pennsylvania.
The plant has a capacity to process daily 160 tons of surplus food from about 450 grocery stores.
Do Good Foods co-CEO Justin Kamine says we waste 40% of the food grown in the country – that’s “similar to buying five bags of groceries and throwing two of them in the garbage as you walk out the door.”
“We know consumers are becoming more eco-conscious and want to waste less,” he added. “Through Do Good Foods, we are providing consumers with an easy way to do good for their plate and the planet.”
Related Story: OLIO, Which Enables Food To Be Shared, Raises $43M
Image Credit: Flickr
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