HowGood’s Sustainability Ingredients Database has provided $ 12.5 million in a round of funding to expand in the United States and Europe and build its own platform.
Titanium Grove led a round of funding announced Wednesday involving c The first sign and other existing investors.
HowGood of Brooklyn, New York, started with a platform based on R&D to find more sustainable suppliers and practices specifically for new consumer goods and food. He then added capabilities to track sustainability indicators for individual ingredients.
HowGood plans use funds triple its team, expand industry partnerships in the US and Europe and create datasets on its platform.
The company is committed to expanding its capabilities to support more customers and to expand its capabilities to report volume 3 greenhouse gas emissions (supply chain) and track specific sustainability claims of suppliers. The funds will also support HowGood’s expansion beyond its focus on the food industry, said FreightWaves ’Ethan Nightingale, HowGood’s chief innovation officer.
Reducing the environmental and social impact of companies ’supply chains, increasing transparency and providing data for more sustainable ingredients are among HowGood’s main goals.
HowGood Sustainability Platform
The company closed Fr. A funding round of $ 6 million in February 2021 and added Fr. procurement module on its Sustainable Development Platform in February 2022.
“Our intelligent platform in the field of sustainability, Latisshows brands and retailers how and where to make changes throughout the food lifecycle to improve overall sustainability using data that is not available on any platform, ”Nightingale said.
Five of the 10 largest CPGs, including Danone North America, use Latis to improve product exposure, Nightingale said. Other leading food and beverage retailers, vendors and restaurants, such as Shake Shack, Chipotle and Ahold Delhaize USA, also use the platform.
“Currently, there is no product on the market that could support procurement groups in researching the stability characteristics of ingredients and identifying new, more sustainable suppliers on the scale that Latis supplies,” Nightingale added.
The Latis platform from HowGood received an honorable mention in the climate and food categories at the Fast Company 2022 World Changing Ideas Awards.
Consumers demand more sustainable products
A Johnson Controls brand survey Sensormatic Solutions found that 81% of consumers are concerned or very concerned about the future of the environment.
About 70% of consumers said they were willing to pay a surcharge of 5% or more for products that demonstrated a sustainable supply chain. “This survey demonstrates a long-held belief that sustainable solutions are just good business,” said Kim Melvin, world leader in marketing at Sensormatic Solutions. statement.
HowGood said its platform is a “single, comprehensive solution” that can give food brands and retailers an idea of ​​the product’s impact. Latis can show companies which changes in the life cycle of a food product can improve its sustainability.
“Thanks to Latis, the food industry now has much-needed tools and indicators to increase the efficiency of environmental resource use and social impact. We are proud to support the talented and inspired HowGood team in their mission to positively transform the global food system, ”said Jeffrey Tannenbaum, founder of Titan Grove. to release.
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