Where Food Comes From, Inc. (WFCF) (Nasdaq: WFCF), a leading provider of independent, third-party verification of food production practices in North America, has announced a strategic equity investment in BlueTrace, a prominent seafood traceability company. This move signals WFCF’s commitment to expanding its services within the seafood industry and enhancing transparency in the supply chain.
BlueTrace, a privately held company based in Castine, Maine, offers a robust cloud-based traceability solution. This system assists shellfish harvesters, growers, distributors, and dealers in complying with government regulations, effectively managing their inventories, and optimizing their overall profitability. BlueTrace recently completed a successful stock offering, attracting investment from leading venture capital and angel investors, which will fuel the company’s ambitious growth plans.
With a growing customer base of over 350, primarily in the shellfish sector, BlueTrace’s reach extends to nearly every coastal U.S. state and most Canadian provinces. Their digital traceability solution replaces traditional paper-based tracking methods with a user-friendly mobile app and tamper-evident barcode tags. This is particularly important as traceability standards become increasingly stringent, driven by organizations like the Interstate Shellfish Sanitation Commission (ISSC), which prioritizes safety issues related to freshness and temperature control.
BlueTrace is poised to benefit from the ongoing implementation of the Food Safety Modernization Act (FSMA), which is expanding traceability requirements beyond shellfish to encompass other types of seafood in 2023. The company’s adaptable software and systems, initially designed for the oyster industry, can be seamlessly applied to the broader seafood market, making it a valuable asset in ensuring seafood safety and traceability.
Strategic Partnership and Industry Impact
John Saunders, Chairman and CEO of Where Food Comes From, emphasized the strategic importance of the investment: “We are very impressed with the team at BlueTrace and believe the solution they have developed has the potential to have a major impact in seafood traceability on a worldwide basis. In addition to making a modest investment in BlueTrace, we expect to collaborate with their team in areas that augment our own initiatives in the seafood space, including our FishCARE sustainability standard.”
This collaboration highlights the synergy between the two companies, combining WFCF’s expertise in verification and sustainability with BlueTrace’s cutting-edge traceability technology. This partnership aims to create a more transparent and sustainable seafood supply chain, benefiting both businesses and consumers.
BlueTrace’s Perspective and Future Growth
Chip Terry, CEO of BlueTrace, welcomed Where Food Comes From as an investor, stating, “We are pleased to welcome Where Food Comes From as an investor in our business. As the leader in land-based animal and crop traceability and verification, WFCF has a wealth of industry expertise that will be beneficial to us as we expand into other areas of the seafood industry. More than 70% of seafood consumed in North America is sourced overseas, so we see a tremendous opportunity for international expansion by both companies.”
This statement underscores the potential for significant growth in the international seafood market, where traceability and sustainability are becoming increasingly important. The partnership between Where Food Comes From Company and BlueTrace is well-positioned to capitalize on this growing demand.
About Where Food Comes From, Inc.
Where Food Comes From, Inc. is a trusted resource for third-party verification of food production practices. The company supports over 17,500 farmers, ranchers, and other food producers through its various units, including IMI Global, Validus Verification Services, SureHarvest, WFCF Organic, and Postelsia. WFCF’s solutions verify food claims, optimize production practices, and enable data-driven insights across the food supply chain. Their Where Food Comes From® retail and restaurant labeling program connects consumers with the origins of their food, promoting meaningful consumer engagement.
About BlueTrace
BlueTrace provides an easy-to-use and powerful traceability platform for seafood businesses. Its mobile solutions are designed specifically for the seafood industry to streamline operations, reduce errors, and trace products from origin to consumption.
The investment by Where Food Comes From in BlueTrace marks a significant step towards enhancing seafood traceability and sustainability. The partnership is poised to drive innovation and transparency in the industry, ultimately benefiting consumers and promoting responsible seafood sourcing practices worldwide.
