SafeTraces, Inc., a Pleasanton, Calif.-based food safety solution provider, closed a $10m equity financing round.
The round was led by S2G Ventures (Seed to Growth), a multi-stage investment firm focused on the food and agriculture industry, and Bunge Ventures, the venture capital arm of Bunge Limited (NYSE: BG) (“Bunge”), a global agribusiness and food company, with participation from UL Ventures as well as Spero Ventures.
The company intends to use the proceeds from this round to scale the deployment of its solutions platform, sales, and marketing.
Founded in 2015 by Anthony Zografos, CEO, SafeTraces provides on-food safety solutions that protect producers, processors, and consumers.
The SafeTraces suite of on-food safety solutions uses FDA approved, food grade DNA technology to provide complete on-food traceability and sanitation verification.
SafeTracers™ – invisible, edible, flavorless, digital DNA barcodes – are applied directly on or with food, enabling producers, processors and distributors to trace the food, not the just packaging. Coupled with a blockchain or centralized code registry system, SafeTracers™ establish a scalable, cost-effective link with the physical object.
SafeTracers™ are read anywhere in minutes, providing an immutable, invisible way to protect product against adulteration, fraud, and intentional substitution.