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Orio continues to hot streak food waste

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Food waste reduction is a hot investment area and one of the most active investor segments in a wide range of categories of surplus food markets.

And this week, perhaps the most famous share your food app startup, Orio, announced a $ 43 million Series B investment. Co-founder Tessa Clark describes it as “transformative” through this medium post and explains three ways she thinks the money is being spent.

Investing in core products: The company plans to hire more developers and build new features for its core products, such as “new features such as borrowing and recruitment.” Expansion of Food Waste Hero Program: The company plans to expand its Corporate Partner Program. Procuring food from food service companies, picking up excess food waste and redistributing it to the community International: The company aims to expand into markets beyond Europe and North America and is currently in Latin America and Asia. With 10 of the most promising in Northern Europe in mind. area. “.

Over the past few years, companies such as Too Good to Go, Flashfood, and Karma have raised funds to expand the platform that allows restaurants and grocery stores to sell excess and soon-to-be-expired food at low prices. I’ve seen you doing. -Shopping and low-income consumers.

What makes Olio stand out is the ability to share meals from home to home. As such, it’s like a more focused and cluttered version of the Buy Nothing Facebook group that has emerged in recent years. According to Clark’s Medium Post, Orio helps prevent 25 million pieces of food and 3 million other household items from being dumped in the trash.

The Orio round has seen a surge in food waste investment over the past month after raising a spectacular $ 2.5 billion in appeal in August. Both Apeel and Olio said adoption has accelerated over the past year. This reflects what we heard as a consistent theme at the Food Waste Innovation Forum in June. Food waste.

Here’s what else happened with food technology funding:

Plant-based

Proeon – $ 2.4 million: Pune-based plant-based raw material company Proeon has raised $ 2.4 million in seed rounds. The company is similar to Motif Foodworkds in that it focuses on building components of various ingredients for companies that manufacture plant-based foods. The company plans to use the money to build a research and development facility in the Netherlands, apply for more patents and hire more people.

CHKN Not Chicken – $ 4.5 Million: Portland, Oregon-based plant-based chicken startup CHKN Not Chicken has raised $ 4.5 million from Stray Dog Capital. The company will use this money to expand retail distribution of its flagship products and grow its restaurant business. Unlike many alternative chicken products such as Impossible’s new nugget made from soybeans, CHKNNotChicken is made from pea protein.

Precision fermentation

All G Foods – A $ 16 Million: Australian Alternative Protein Startup All G Foods A $ 16 Million to Fund Growth in Plant-Based Meat Business (Love BUDS Meat) and Precision Fermentation-Based Milk Alternative Milk (CellMilk) Raised dollar seed funding. ). The company is moving fast, leading veteran entrepreneur Jan Pacas. Pacas, which co-founded Mad Paws, a pet-rearing website, founded the company just a year ago.

Cell-based meat

CellX – $ 4.3 million: China-based cell-based meat startup CellX has raised $ 4.3 million. The company manufactures cell-based pork products. The company has 25 scientists working on a cell-based meat product platform in Shanghai. CellX is one of two startups this week, the semi-finalists of the XPRIZE “Feed the Next Billion” competition. This shows that investors see participation in the XPRIZE contest as a verification of the company.

Wild Earth – $ 23 Million – Plant-based pet food startup Wild Earth has announced a $ 23 million round of funding from a group of investors, including Mark Cuban and The Vampire Diaries star Paul Wesley. The company plans to use this money to expand its pet food product line to products that use cell-based meat. The company plans to offer cell-based beef, chicken, pork and seafood as part of its new lineup of ingredients, which it plans to launch in 2022.

Mogale Meat Co.-Unknown Investment: South African-based culture meat company Mogale Meat Co. has been invested by alternative protein investor CULT Food Science Corp. Mogale will use this capital to invest in BioBank. The announcement is “Mogale’s Core Intellectual Property Assets, Now Containing Over 500 Cryopreserved Cell Samples from Free-Roaming Livestock and Wild Antelopes.” Like CeeX, Mogale is XPRIZE’s “Feed the Next Billion” semi-finalist.

Food delivery

Cookunity – $ 47 million. Cook Unity, a chef-based meal delivery service, will raise $ 47 million in Series B funding rounds. Cook Unity, which provides chefs with a digital platform that connects directly to the kitchen and consumers, plans to use this money to expand the cities in which it does business. The company has more than quintupled top-line revenue growth in the last 12 months. 55 chefs on the list.

Food robotics

Piestro – Over $ 2 Million: Piestro, an automated craftsman pizza making robot that is part of Wavemaker Labs’ food robot investment family, has raised over $ 2 million on the crowdfunding startup platform StartEngine, with 3 remaining. It doesn’t take a week. WaveMaker is a way to raise capital, including Miso Robotics, which has raised $ 30 million through crowdfunding, and other portfolio properties such as Bobacino Robot Tea Bar and Future Acres’ ag-bot. Continues to emphasize. ..

Restaurant tech

Heard – $ 10 Million: Hospitality and Restaurant POS Startup Heard has raised $ 10 million. Counting Tiger Woods as one of its investors, the company has created a POS software suite that includes front and back of house management tools for small restaurant owners.

That’s all for this week. Please let us know if you have the necessary funding news in the Weekly Food Technology News Summary. Also, if you want to get The Week in Food Tech Funding in your inbox, be sure to subscribe.

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