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Venture Capital News: HowGood Raises $4.2M Series A

2017-03-03
NEW YORK, NY, Leading consumer data company and developer of the world's largest database of sustainable food and consumer products ratings, has closed a $4.2M round of Series A financing
HowGood, a leading consumer data company and developer of the world's largest database of sustainable food and consumer products ratings, today announced it has closed a $4.2 million round of Series A financing, from investors FirstMark Capital, Contour Venture, Serious Change LP, Great Oaks Venture, High Line Venture Partners and individual investors, Jake Lodwick and Joanne R. Wilson. Humanity United, a foundation dedicated to bringing new approaches to global problems and advocate for labor rights, also joins the round. The funding will help grow the breadth and depth of product information available to consumers including rollout into key vertical areas such as personal care and household items. In addition, HowGood will continue its growth trajectory among major supermarket chains nationwide.

HowGood has developed the world's largest database of sustainable food ratings, including an in-store rating system that identifies industry leaders in the food system. HowGood is currently the only company that rigorously researches the goodness of food products based on multiple metrics and highlights those ratings for consumers at the point of purchase. With over 70 industry-specific indicators per food item, from ingredient sourcing to labor practices, the organization has rated over 200,000 products.

'There is a fundamental trend towards sustainable consumer products,' said Rick Heitzmann, Founder and Managing Director of FirstMark Capital. 'The food and beverage industry is a $600 billion dollar industry; 83 percent of Americans consider sustainability when buying food and twenty-first century customers are not only extremely focused on quality, but also how their food and consumer goods are produced. We continue to be impressed by HowGood for their proprietary data, technology, and commitment to building a sustainable food system. We believe they are uniquely positioned to capture this market with a simple system that consumers cannot find elsewhere.'

HowGood recently announced a partnership with Giant Food of Landover, Md., a division of the Ahold-Delhaize Company. While HowGood is already available in 27 states, this partnership brings the company's central mission to a new region. With this partnership, HowGood's simple, accessible rating system will reach more Americans, making it easier for consumers to identify authentic brands they can trust and, in turn, support an overall better food system.

'We've spent the last few years honing not only our data but also educating consumers on why these ratings matter,' said Alexander Gillett, CEO and founder of HowGood. 'While many are concerned for the impact our food system makes on the planet, many shoppers get to the shelf and quickly realize there is rarely any information that evaluates food products based on sustainability. HowGood changes that. The funding allows us to not only expand our operations, but also serves as a testament to the range of businesses that value a sustainable food system.'

HowGood has rated over 200,000 products, with only 5% of the industry earning the highest rating. The in-store ratings can be found on the shelves of hundreds of stores across 26 states and are also accessible via iTunes and Google Play.

About HowGood
Founded in 2007 and headquartered in New York City, HowGood is an in-store rating system that identifies industry leaders in the food system. As an independent research organization, HowGood determines the overall goodness of food and awards ratings to the best products, empowering consumers to make fast and informed purchasing decisions. For businesses, HowGood is a powerful tool to help promote sustainable products, attract more customers and strengthen a sustainable brand's image. The company is backed by several investors including: FirstMark Capital, Serious Change LP, High Line Venture Partners, Humanity United and individual investors, Jake Lodwick and Joanne R. Wilson. For more information, visit http://www.howgood.com.
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