000112 GlobalFoodExchange.com Plans for Big GrowthJanuary 8, 2000Atlanta, GA - GlobalFoodExchange.com has closed a successful first round of funding, having raised $810,000 in seed funding to support its vision of an Internet marketplace where buyers and sellers of food commodities can meet, develop trading relationships and trade goods in an efficient, cost-effective manner. Mark Moore, president of GlobalFoodExchange.com, said the company is now in discussions with a number of major venture capital firms. “We believed that food commodities markets needed a way to reap the benefits of e-commerce, and this seed money has let us develop our trading system,” said Moore. “Our next round of funding will allow us to make GlobalFoodExchange.com a major force in food trade that really improves the way people do business.” GlobalFoodExchange.com has succeeded not only in fund raising but also in recruiting. Since its founding last year, the company has grown to 22 employees, including industry leaders from such companies as ConAgra, Seafresh and AJC International. The company has been conducting trades on it system since late summer. About Global Food Exchange Global Food Exchange is an Internet marketplace for business-to-business food trade. It aims to bring the efficiency of e-commerce to food commodities markets while preserving and enhancing crucial personal relationships. Founded in 1999, Global Food Exchange connects buyers and sellers of seafood, produce, meat, poultry, specialty commodities and processing ingredients. Unlike other e- commerce sites, Global Food Exchange allows trading partners to directly interact, strengthening relationships and lowering transaction costs.
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