FoodEssentials Corp. raised $600,000 from eight investors via a non-brokered equity offering. The company is backed by Capital Innovators (in December 2012) and Cultivation Capital (in March 2013) two catalyst and seed investors.
FoodEssentials aggregates US food label data sources and provides analysis tools. It offers two products. The first one “LabelINSIGHT” allows users to research the distribution of nutrient, ingredient, allergen and additive properties of a specific product and of an entire market segment. This provides insight on possible marketing claims and in-depth market analysis for product research and development. The second product, “LabelAPI”, was developed to simplify building nutrition-based applications. The company is a preferred data supplier to the FDA since 2010, updates 40,000 products every month representing 80% of the market, supplies data to 2000 stores and serves 6 million users each month via mobile application.
The Saint Louis MO based company was founded in 2008 by Anton Xavier (CEO), Dheeraj Patri (COO) and Dagan Xavier (Chief Administrative Officer). Cultivation Capital has a sit on the board of directors.