Misfits Market, the e-commerce platform that sells “ugly” produce(among other things ), has today announced the close of an$85 million Series B funding round. The funding was led by Valor Equity Partners, with participation from Greenoaks Capital, Third Kind Equity Capital and Noise Ventures.

Misfits Market started as a subscription box that permitted folks to buy misshapen or awful produce on the inexpensive weekly. This fruit and vegetables would have been tossed out at the farm, before ever heading to a distributor or supermarket, due to the fact that it generally goes to lose resting on a supermarket rack.

There’s nothing in fact wrong with this fruit and vegetables, other than for the truth that shoppers wouldn’t normally pick it from a stack of fruit or veggies that look more pleasing.

Considering that raising its Series A, Misfits Market has actually been working to expand its selection, which now consists of chocolate, snacks, chips, coffee, herbs, grains, spices, lentils and sauces. Users can add these items to their usual weekly produce box on an à la carte basis, and they’re priced 20-25% listed below retail. These products are available to “add to box” once a week (on Thursdays).

At its core, Misfits Market looks at any structural inefficiencies in the food supply chain and capitalizes on them, getting the product at a discount and passing those cost savings on to the consumer. These ineffectiveness may include problems with sell-by date– some items need to be on store shelves nine months before their sell by date– or a futile mistake (like the olive oil company that works with Misfits Market and has a bad practice of connecting its labels upside down on the cans).

Where timing is concerned, Misifts Market does not have to play by the same rules as a supplier or supermarket, as it sends products directly to customers, taking advantage of a much faster logistical operation.

Alongside the financing statement, Misfits Market is also announcing a new warehouse in Delanco, New Jersey that will allow the start-up to double its capability across the East Coast, the South and into the Midwest. This broadens Misfits Market’s shipment footprint to Arkansas, Mississippi and Louisiana, and the company has strategies to release in Wisconsin, Minnesota, Iowa and Michigan soon.

Image Credits: Misfits Market Image Credits: Misfits Market Certainly, the food industry doesn’t want

to be ineffective to the point of enormous food waste. We’ve seen startups like Crisp aim to resolve these issues on the data science side. I asked Misfits Market founder and CEO Abhi Ramesh if enhancements to supply chain performance and the continued growth of Misfits might create difficulties ahead.”Despite these technological advancements that are happening, the quantity of product that goes to squander in outright

and relative terms is increasing every year,”stated Ramesh.”When you take a look at food waste over the past 5 years and compare that to the amount of food that went to lose in the prior five years, it’s increased. It is among those extremely long-lasting dangers, but at least what we’re seeing, and what the information is showing directionally around food waste, is that it’s growing in magnitude, which implies there will always be chances for us, or a variation of us, to enter there and eliminate waste and provide cost for clients. “A study by Boston Consulting Group expects food waste to increase in the next 10 years to 2.1 billion lots, worth$1.5 trillion, which represents a one-third boost in the next decade. On the heels of the financing, Misfits will continue to develop out the team, which has been growing rapidly in the middle of the pandemic. The business has hired 400 individuals considering that March, compared to 150 in

the three-month duration prior. The total team is 750 people, with an even split(51 %male, 49 %woman)on gender. The executive team is 30% ladies and 20 %racially varied. Misfits Market has raised a total of$101.5 million. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.