Food Share App Saves Unwanted Food
London-based startup OLIO raised $43million in funding.
07:36 09 September 2021
OLIO, a London-based start-up, has closed a $43million Series B funding round.
The firm was founded to fight against the $1.3 trillion of food waste created globally each year by providing a platform that allows individuals to share food and other items easily.
The latest fundraising event was participated by major investors like Swedish investment firm VNV Global and New York-based hedge fund Lugard Road Capital. It was supported by Accel, Octopus Ventures, Rubio plus technology entrepreneur and media entrepreneur and politician Lord Waheed Alli.
OLIO was founded in 2015 by Tessa Clarke and Saasha Celestial-One. Today, the firm's hyperlocal food sharing app is used by more than five million people who want to give away food and other household items to neighbours for free. The firm's goal is to reduce waste in homes while helping people to consume more locally and sustainably.
Clarke said: “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.”