Venture Capital: OLIO, Which Enables Food To Be Shared, Raises $43M

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.

Related Story: Apeel Sciences Raises $250M For Its Longer Lasting Produce

Images Credit: OLIO Press Pack

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Bitcoin Miner Genesis Digital Lands $431M To Expand Operations
September 22, 2021     Digital Assets, News, Venture Capital

Genesis Digital Assets, which runs 2.4% of the bitcoin mining network, has announced a $431 million raise led by Paradigm. Claimed to be the largest ever achieved by a bitcoin…
Artificial Intelligence: AI To Help Survey For Endangered Bats Under Bridges
September 22, 2021     Artificial Intelligence, News

Hundreds of thousands of bats from about 40 species routinely nest under US bridges, and many of them are endangered or threatened. Transportation departments must mandatorily check for them before…
Artificial Intelligence: AI Cameras In Amazon Delivery Vehicles Unfairly Penalize Drivers
September 21, 2021     Artificial Intelligence, News

Amazon (NASDAQ: AMZN) installed AI-powered cameras in its delivery fleet in February as an investment in safety technology across its operations. The company said at the time the system would…
FinTech: Assets, A New Product From Wise, Lets You Spend From Your Stocks Portfolio
September 21, 2021     FinTech, News

Wise (LON: WISE), the UK payments fintech previously known as TransferWise, has taken its first steps into investing solutions. Its Assets product allows users to invest in stocks but also…