In recent years, the food waste problem has been a major concern for people all over the world. According to the Food and Agriculture Organization of the United Nations (FAO), approximately one-third of the food produced in the world for human consumption every year is wasted. This issue has led to the development of several innovative solutions, including Olio, a food-sharing app that has been making waves in the food waste reduction sector. In this article, we will explore the recent news of Olio’s $43 million funding round, their partnership with Tesco, and their plans for global expansion.
Olio’s $43 Million Funding Round:
In December 2021, Olio announced that it had raised $43 million in a funding round led by VNV Global, a Dutch investment firm. The funding round was also participated in by Index Ventures, Octopus Ventures, and Accel. The money raised will be used to expand Olio’s operations and scale up its efforts to reduce food waste.
Olio’s Partnership with Tesco:
Olio’s success in reducing food waste has caught the attention of one of the UK’s largest supermarket chains, Tesco. In October 2021, Tesco announced that it would be partnering with Olio to redistribute surplus food from its stores to local communities. The partnership began with a trial in 12 stores across the UK, and it has since been expanded to over 250 stores.
The ButcherTechCrunch Acquisition:
In addition to the funding round and partnership with Tesco, Olio also made headlines in December 2021 for its acquisition of ButcherTechCrunch, a food waste management and analytics platform. The acquisition will enable Olio to further enhance its data capabilities, which will help the company to better track and measure its impact on food waste reduction.
Plans for Global Expansion:
Olio’s success in the UK and its recent funding round have positioned the company for global expansion. The company has already launched in several countries, including the United States, and it plans to continue expanding into new markets. With the additional funding and the acquisition of ButcherTechCrunch, Olio is well-positioned to accelerate its growth and make an even greater impact on reducing food waste around the world.
Olio’s recent funding round, partnership with Tesco, and acquisition of ButcherTechCrunch demonstrate the company’s commitment to reducing food waste and its success in doing so. With its innovative food-sharing app and growing network of partners, Olio is well-positioned for continued success and global expansion. As the world continues to grapple with the issue of food waste, Olio’s efforts offer a promising solution and a model for other companies to follow.