Imperfect Foods set out to solve food waste one misshapen carrot at a time. 6 years later, the $700 million grocery startup has lost its CEO, half its C-suite, and its mission.
But insiders say Imperfect couldn't keep up with its original mission, let alone its loftier sales goals.
Items delivered to customers"would be broken or damaged or moldy," the former corporate employee said."We were not able to deliver a really solid mass-market experience." Behn and his team were scrambling to fix scaling issues created by the pandemic but had no"strategy to meet the moment as the pandemic waned" and people returned to in-store shopping, the former corporate employee said.By the end of 2020, sales had reached more than $400 million, according to internal documents Insider obtained, but sales and order volume were already losing momentum by the third quarter of that year.
This February, Imperfect raised another round, also led by Insight: a Series D worth $110 million that valued the company at $700 million. The company said it would use the new funding to accelerate growth.In January, Imperfect said it would win with its low-price, sustainable groceries and be as good as Trader Joe's and local farmers' markets, according to a presentation from an all-hands meeting that Insider obtained.
In an August 25 staff memo Insider obtained, Nave attributed the job cuts to"many of last year's new customers reverting back to shopping in stores this year."
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