Helsinborg-based startup Foodtel has recently secured significant investment from FoodBridge, part of Novax. The company’s platform, which launched in spring 2023, is designed to address food waste in the cold chain by providing tools to evaluate the remaining shelf life of food after temperature deviations. This approach has already prevented over 225 tons of food from being discarded and saved more than SEK 20 million, while reducing CO2e emissions by over 3,000 tons. The funding will support Foodtel’s expansion and development efforts, enabling the company to enhance its platform and broaden its impact in the food industry.
Foodtel, founded in 2022 by Nazih Hazime and Jacob Petersson in Helsingborg, focuses on addressing inefficiencies in the cold chain that lead to significant food waste. The company has raised over $2 million to develop technology aimed at preventing waste caused by temperature deviations throughout the food supply chain. Their software provides tools for assessing the remaining shelf life of food products and aims to reduce waste from farm to shelf. Foodtel ensures the accuracy of its data through verification by independent third parties, including RISE and DMRI, and is dedicated to creating effective solutions to manage and mitigate food waste.
FoodBridge was started in 2022 and since the summer has been part of Novax’s focus sector, food of the future. Novax thus brings together Axel Johnson’s investment activities in the food area with the ambition to drive sustainable transformation of the food industry, where FoodBridge focuses particularly on investments in foodtech companies in the early stages. After previous investments in the companies Petgood, Improvin’, Mediterranean Food Lab, they are now investing in Foodtel.
A significant proportion of global food waste is caused by inefficient handling in the cold chain, where temperature deviations lead to the unnecessary discarding of perfectly good and safe food. Foodtel’s platform is based on validated data from sources such as the Swedish Food Agency and RISE and enables the calculation of the remaining shelf life of food in case of temperature deviations. It creates both economic and environmental values as the parties in the cold chain, for example a freight forwarder and a wholesaler or store, can use Foodtel’s app to avoid food being thrown away unnecessarily.
Through the calculation platform, a marketplace for scrap goods and a donation portal, Foodtel offers a complete holistic solution to prevent food waste – all gathered in one place to facilitate quick and sustainable decisions within the cold chain.
The platform was launched in the spring of 2023 to selected food operators and has already saved over 225 tons of food from being discarded. In addition to preventing food waste, these actors have together avoided the emission of more than 3,000 tons of CO2e and saved over SEK 20 million.
Sofie Borg, project manager FoodBridge: “We have followed Foodtel closely since the start and are deeply impressed by the progress they have achieved in a short time, and the response they are getting from customers. We have great faith in both the quality and ease of use of their platform. It enables a smoother dialogue between different stakeholders and at the same time contributes to both a reduced climate footprint and lower costs. Foodtel is a fantastic tool that significantly reduces food waste in the cold chain.”
Foodtel’s vision is to become one of the leading impact companies globally. The investment round was led by FoodBridge and also included Anders Frankel as well as the company’s previous investors.
Jacob Petersson, CEO and co-founder Foodtel: “We are very happy to bring in a strong and strategic partner in Foodbridge and Axel Johnson with their large presence and knowledge in food. We are now more convinced than ever that we can spread our effective food waste solution to more players and to new markets.”
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Read the orginal article: https://arcticstartup.com/foodtel-raises-funding/
