OLIO aims to fight the $1.3 trillion of food waste generated annually around the world.

OLIO, the food sharing app which encourages community sustainability, announced its Series B raise of $43 million led by Swedish investment firm VNV Global and New York-based hedge fund Lugard Road Capital. Existing investors Accel, Octopus Ventures, Rubio, tech entrepreneur Jason Stockwood, and politician and media businessman Lord Waheed Alli also participated. (Business Leader UK)

DX Ventures, the VC arm of Delivery Hero, the food delivery firm, also made a strategic investment in OLIO’s B round.

Sustainable app that cuts food waste

With a five million strong user base, OLIO’s app is used to give away or collect unneeded food and other household items. OLIO cuts down on waste at home and allows for sustainable sustenance of the local community. The process is also good for the planet because it removes the adverse environmental impact from the disposal of unwanted food by cutting carbon emissions.

With the world looking to feed 10 billion people, the app helps nourish hungry people with food that would otherwise be destined for the garbage dump.

Since its launch, the app has enabled over 25 million portions of food and three million non-food items to be put to use instead of being thrown away.

Building a transformational company

Tessa Clarke and Saasha Celestial-One (pictured above) founded OLIO in 2015. Clarke said in a statement:

“OLIO has grown five times over the last year, reflecting a step change that’s taken place as businesses and citizens look to be more sustainable and connect with their local communities. We’re beyond thrilled to have raised this capital from a brilliant set of investors who are backing our vision of reinventing consumption for more than one billion OLIOers by 2030. We have this enormous ambition because humanity cannot continue to puzzle over how to keep global warming within 1.5 degrees and feed a population of 10 billion – whilst continuing to throw away one third of the food we produce, and consuming as if we have 1.75 planets. In solving these twin problems we aim to build one of the most transformational companies of our generation.”

Last month, Tesco (LON: TSCO) became the first supermarket to partner with OLIO, whose volunteers collect unsold food items close to expiry but still fit for consumption. The “food waste heroes” then upload the items to the app and distribute them from a contact-free collection point.

Use of funds

OLIO will use the new funding to expand its network in the UK and abroad.

“Demand from both UK and international businesses to help reduce their waste is at an all-time high as they strive to meet their ESG commitments,” added Clarke. “Incoming enquiries from major retailers, grocery delivery services and fast-food brands are coming in thick and fast.

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Images Credit: OLIO Press Pack