Cultivation Capital invests $500,000 in FoodEssentials
SAINT LOUIS, MO, March 8, 2013-- Cultivation Capital announced today that it is investing $500,000 in FoodEssentials, a leading food label database with analytic tools. FoodEssentials allows users to easily search and find the nutrition, ingredient and allergy information for hundreds of thousands of packaged foods. The food data platform is being used by the United States Food and Drug Administration (FDA), grocery retailers, brands, and numerous technology application companies.
“The market validation FoodEssentials has received from the FDA, retailers, and technology partners has given them significant positive momentum, and we believe FoodEssentials will continue to lead the way in the food information space,” said Peter Esparrago, General Partner at Cultivation Capital. Esparrago will also join the FoodEssentials board.
“The addition of Cultivation Capital to our list of strategic partners is helping accelerate our network of connections in the industry, and the support we have received here in St. Louis has been like nothing we have received elsewhere,” states Anton Xavier, CEO of FoodEssentials. Anton added, “We’ve been able to focus on our strengths, knowing we have a whole community in St. Louis at our reach when needed”.
In September 2012, FoodEssentials launched LabelAPI, the public version of the food data, to developers and now generates over 4 million calls a month. FoodEssentials also launched their services with grocery retailers who use their data to provide shoppers with more clarity in the food choice process. In 2013, FoodEssentials is expanding their offering to grocery retailers and brands with the aim of leveraging product analytics and big data techniques to provide business intelligence to the industry.
FoodEssentials relocated to St. Louis, Missouri in June 2012 after being awarded a St. Louis Arch Grant. It was then accepted into St. Louis’ Capital Innovators tech incubator.
FoodEssentials helps grocery retailers and brands leverage the power of product label data to better communicate with shoppers and to measure purchase intent. For more information, visit http://www.foodessentials.com.
About Cultivation Capital
Cultivation Capital is a St. Louis-based early stage Venture Capital firm investing in high potential technology companies throughout the Midwest. Cultivation Capital is managed by a team of experienced entrepreneurs, who have started numerous companies, raised more than $200 Million dollars and had several successful exits. For more information, visit http://www.cultivationcapital.com.
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