Saveggy, a Swedish foodtech company, edible protection keeps fruits & veggies fresh longer, announced it raised a €1.76 million round from impact investor Unconventional Ventures, together with LRF Ventures, Almi Invest GreenTech and industry angels.
Founded in 2020, Saveggy has developed an edible coating that extends the shelf life of fresh fruits and vegetables. Throughout the supply chain, they tackle the 45% of fruit and vegetables currently being wasted globally, among the main causes of climate change.
CEO Arash Fayyazi and CINO (Chief Innovation Officer) Vahid Sohrabpour are co-founders both with extensive experience from the packaging industry along with backgrounds in applied physics, logistics and processing respectively.
According to its founders, its platform technology Saveggy® is the only available replacement of plastic packaging that meets its performance to prolong shelf-life. Similarly, it is currently the only available edible alternative which complies with EU regulations, for fruits and vegetables with edible peels such as cucumber.
“We are very pleased to have gathered a team of impact investors who share our mission to Help the world waste less. We believe that freshness, the health of our planet, and the well-being of people should always remain uncompromised. With this financing round we will launch at industrial scale our first product,” said co-founder and CEO Arash Fayyazi.
Its B2B model targets packing hubs, thus tapping into a €400 billion TAM (Total Addressable Market) market and seeing an immediate SOM (Service Obtainable Market) of €1,33 billion in Europe.
“Our investment in Saveggy was driven by the impressive credentials and substantial expertise of its founders. Their innovative technology tackles the significant challenges our food systems face. We were particularly impressed by the founders’ perseverance, having refined their formula multiple times to meet the highest standards. This unwavering commitment to innovation and sustainability aligns perfectly with our mission as impact investors and made our decision to partner with them clear,” explained Thea Messel, General Partner at Unconventional Ventures.
Their first product on the market is tailored to cucumbers. The way it works is that the cucumber is harvested, washed and dried, then coated with a thin, invisible layer of Saveggy’s additive-free formula of canola and oats before being delivered to shops.
“We are excited and proud to support the team at Saveggy and their innovation in reducing food waste, advancing sustainable agriculture, and proactively complying with upcoming plastic waste regulations. Leveraging the resources of The Federation of Swedish Farmers – LRF, with a robust membership of 130,000 farmers and extensive network within the food system, we are dedicated to supporting Saveggy, driving significant impact,” added Martin Alexandersson, Investment Director at LRF Ventures.
“When we invested in Saveggy two years ago, we could see the huge sustainability and business potential, based on the scalable innovation tapping into the existing value chain. After spending 24 months finalising the platform technology, fine-tuning the first product for cucumbers, and building relationships with stakeholders in the value chain, this strong founder team is now ready to commercialise. I’m therefore very happy to welcome these relevant and committed co-owners to support Saveggy in this next important phase,” commented Karin Edström, Investment Manager at Almi Invest GreenTech.
Read the orginal article: https://www.eu-startups.com/2024/04/lund-based-foodtech-saveggy-raises-e1-76-million-to-extends-the-shelf-life-of-fresh-fruits-and-vegetables/
