Companies · Agtech / Foodtech

Voyage Foods Inc.

OAKLAND · Agtech / Foodtech · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Voyage Foods Inc. — recommendation, valuation, rhythm, risks.
$68.3M
Total raised · real
4
Rounds
0.1×
Latest step-up
Top 4%
Sector rank · raised
Series B
Latest stage · inferred · Fri Dec 05 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Voyage Foods Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the agriculture sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.19× the median modeled value of Series B Agtech / Foodtech companies in 2025–2027 (6 peers) — value vs value, same stage and era.
Active
  • Last raise 7 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Agtech / Foodtech

Voyage Foods Inc. is one of 481 Agtech / Foodtech companies tracked from OAKLAND. By capital raised it ranks among the largest (ahead of 97% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
2020
Year incorporated
2025-12-05
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries A · 2021-02-03 Raised $5.6M (real) Modeled valuation $47M (est)$5.6M$47MSeries A2021Series B · 2022-02-18 Raised $36M (real) Modeled valuation $287M (est)$36M$287MSeries B2022Series B · 2023-12-19 Raised $22M (real) Modeled valuation $125M (est)$22M$125MSeries B2023Series B · 2023-12-19 Raised $23M (real) Modeled valuation $133M (est)$23M$133MSeries B2023Series B · 2025-12-05 Raised $3.3M (real) Modeled valuation $13M (est)$3.3M$13MSeries B2025+$36M+$22M+$23M+$3.3MCumulative $90M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$5.6M · 2021
Series B$36.0M · 2022
Series B extension$22.0M · 2023
Series B extension$23.5M · 2023
Series B extension$3.3M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$12.8M
Base estimate est.
$7.6M
Conservative case
$17.5M
Upside case
$18.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the agriculture sector profile. Directional, not a quoted figure.

Series A · modeled $47.3M · 2021-02-032021Series B · modeled $286.7M · 2022-02-18Series B · modeled $124.8M · 2023-12-19Series B · modeled $133.3M · 2023-12-19Series B · modeled $12.8M · 2025-12-052025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
64%
Survival probability
42% low · 78% high
1.20×/yr
Annual markup
1.46×/yr upside case
0.6 yr
Elapsed time used
0.6 yr actual, capped for stale marks
agriculture
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
15 mo
Avg between rounds
$14.1M/yr
Capital velocity
5.4 yr
On record since
2021
First round
5
Rounds on file
How it compares to the market

Benchmarked against 481 companies in Agtech / Foodtech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 20× above median
This company$68.3M
Sector median$3.4M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.2× of median
This company$3.3M
Sector median$19.4M
Modeled value — vs sector median (estimate, all stages) 1.0× above median
This company$12.8M
Sector median$12.2M

Raised more than 97% of sector peers (real $). Modeled value above 62% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #6 of 6.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Agrify Corp · Series B Raised $118.3M · modeled $130.9M (est)Kernel Foods, Inc. · Series B Raised $57.4M · modeled $122.0M (est)V2 Food Pty Ltd · Series B Raised $16.6M · modeled $70.1M (est)Nara Organics, Inc. · Series B Raised $45.8M · modeled $62.4M (est)Mend Nutrition Inc. · Series B Raised $39.7M · modeled $37.7M (est)Voyage Foods Inc. (this company) Raised $68.3M · modeled $12.8M (est)Voyage Foods Inc.
CompanyStageRaised · realValue · estvs peer med.
Agrify CorpSeries B$118.3M$130.9M1.97×
Kernel Foods, Inc.Series B$57.4M$122.0M1.84×
V2 Food Pty LtdSeries B$16.6M$70.1M1.06×
Nara Organics, Inc.Series B$45.8M$62.4M0.94×
Mend Nutrition Inc.Series B$39.7M$37.7M0.57×
Voyage Foods Inc. this companySeries B$68.3M$12.8M0.19×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$5.6M2021-02-03$25.2M$47.3M90%
Series B$36.0M2022-02-18$200.0M$286.7M90%
Series B$22.0M2023-12-19$122.1M$124.8M90%
Series B$23.5M2023-12-19$130.5M$133.3M90%
Series B$3.3M2025-12-05$18.1M$12.8M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$5.6M2021-02-03
    • First recorded raise — entered as Series A.
    • 9 investors on this round.
  2. Series B$36.0M2022-02-18
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 6.5× larger than the prior — scaling up.
  3. Series B$22.0M2023-12-19
    • Raised again after 22 mo — slower than the ~14 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  4. Series B$23.5M2023-12-19
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  5. Series B$3.3M2025-12-05
    • Raised again after 24 mo — slower than the ~14 mo sector norm.
    • Round 7.2× smaller than the prior — bridge or down round.
Intelligence
2027 ~Q1
Modeled next raise · ~15mo cadence
$3.3M
Modeled next size est.range $3.3M$5.2M
0.1×
Last step-up
$14.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jonathan Shulkin16 other2022-02
Stephen George6 other2023-12
Peter Rahal5 other2022-02
James Stewart4 other2023-12
Alec Lee1 other2021-02
Ho Ching Ho1 other2022-02
Adam Maxwell2021-02
Gary Wu2023-12
Registry & provenance

Voyage Foods Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1844853
SEC CIK
2020
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Ava Food Labs, Inc.Agtech / FoodtechSeries C$84.7M$614.0Mnetwork2 shared operators · same sector
Cumulus Coffee CoAgtech / FoodtechSeries B$33.1M$70.3Mnetwork1 shared operator · same sector · same stage
Agrivida IncAgtech / FoodtechSeries B$56.1M$42.2Msame sector · same stage
Apollo Agriculture, Inc.Agtech / FoodtechSeries B$52.0M$40.4Msame sector · same stage
Bicycle Health Inc.HealthtechSeries B$61.4M$492.6Mnetwork1 shared operator · same stage
Roti Restaurants Inc.RestaurantsSeries B$58.0M$63.0Mnetwork1 shared operator · same stage
Mend Nutrition Inc.Agtech / FoodtechSeries B$39.7M$37.7Msame sector · same stage
Seattle Food Tech, Inc.Agtech / FoodtechSeries B$35.6M$11.9Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Galley Foods Inc.Agtech / FoodtechPre-Seed$14.0M88%
Territory Foods, Inc.Agtech / FoodtechSeries A$13.9M87%
Ando Food, Inc.Agtech / FoodtechSeries A$102.4M86%
AgroSpheres, Inc.Agtech / FoodtechSeries B$45.9M86%
Better Foods Inc.Agtech / FoodtechSeed$6.1M85%
Agrisight Inc.Agtech / FoodtechSeries B$172.4M85%
Vitro Foods Inc.Agtech / FoodtechPre-Seed$3.8M85%
Maestro Food Co.Agtech / FoodtechSeed$44.7M85%
Frequently asked
How much funding has Voyage Foods Inc. raised?
Voyage Foods Inc. has raised approximately $68.3M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Voyage Foods Inc.'s estimated valuation?
Provath's modeled valuation for Voyage Foods Inc. is approximately $12.8M (modeled range $7.6M–$17.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Voyage Foods Inc. at?
Voyage Foods Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Fri Dec 05.
What does Voyage Foods Inc. do and where is it based?
Voyage Foods Inc. operates in the Agtech / Foodtech sector, based in OAKLAND.
Explore related

See where Voyage Foods Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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