CPE News (4/19/2021) – Milk Moovement has raised US $3.2 million funding led by Dynamo Ventures with participation of Matchstick Ventures, Bread & Butter Ventures, and Better Food Ventures. SOSV and Techstars provided follow-on investment in the round. Notable industry leader Richard Cargill, a member of Cargill’s Board of Directors, is also a personal angel investor.
Founded by Robert Forsythe and Jonathan King, Milk Moovement is a developer of cloud-based dairy supply chain software. Milk Moovement is a powerful tool that connects all players in the dairy supply chain. With features for transportation monitoring, production tracking, quality monitoring & producer payment, Milk Moovement is the only tool you need to manage a dairy supply chain.
St. John’s, Newfoundland and Labrador based Milk Moovement has office in Halifax, Nova Scotia and new office in Minneapolis, Minnesota.
Milk Moovement will use new funds for product development, software enhancements, and international expansion.
photo credit: Milk Moovement
Milk Moovement Raises US$3.2 Million
HALIFAX, Canada – Today, Milk Moovement, a leading cloud-based dairy supply chain software, announced the closure of a US$3.2 million funding round led by Dynamo Ventures, alongside Matchstick Ventures, Bread & Butter Ventures, and Better Food Ventures. SOSV and Techstars provided follow-on investment in the round. Notable industry leader 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 shared that the company will be opening a new office based in Minneapolis, Minnesota, to further expand across the United States as interest and demand for Milk Moovement’s software continues to grow. Since its inception, Milk Moovement has realized a compound annual growth rate in its raw milk under management of ~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.”
This sentiment was echoed by investor Richard Cargill. “The delivery of high quality, more nutritious, and even more efficient products is imperative for success in 21st-century agriculture. Cargill continued, “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.”
Bread and Butter Ventures General Partner Brett Brohl agreed, “Rob and Jon are special founders that both understand the challenges of the dairy industry. I have been impressed by their ability to attract and retain premium clients both domestically and internationally.”
Milk Moovement will primarily invest these new funds in product development, software enhancements, and international expansion.
About Milk Moovement
Founded in 2018, Milk Moovement is a rapidly expanding dairy SaaS company with offices in Canada and the United States. Milk Moovement is currently in a period of tremendous growth with established clients across Canada, the US, and Australia and a mandate to further expand globally. Its 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. With Milk Moovement, dairy cooperatives and processors can eliminate administrative time by up to 85%. For more information on Milk Moovement, please visit us at www.milkmoovement.com and follow us on LinkedIn and Twitter.
About Dynamo Management Company
Dynamo Ventures is a seed stage fund that invests in supply chain and mobility startups, worldwide. Founded in 2016, Dynamo leverages its deep domain expertise to support founders with hands-on and practical experience in product and strategy, sales, and talent development. To learn more about Dynamo, visit www.dynamo.vc or follow us on Twitter.