Home Breaking News UK-based foodtech startup OLIO rakes in US$ 43 million in Series B...

UK-based foodtech startup OLIO rakes in US$ 43 million in Series B funding

OLIO, a London, England-based food and beverage company, has raised US$ 43 million in a Series B funding round held today, on September 6 2021. VNV Global co-led the latest financing bout (Swedish investment publicly floated fund which has also backed Avito, Delivery Hero, Babylon) with Lugard Road Capital / Luxor (a New York-based hedge fund with expertise in marketplaces). Current investors are Accel, Octopus Ventures, Rubio, Jason Stockwood (technology entrepreneur), Lord Waheed Alli (media entrepreneur and politician), and an additional backer, DX Ventures.

The women-led startup will use the latest venture towards a conscious step into a $1.3 trillion food waste globally created every year respectively and fight against it with OLIO’s Food Waste Heroes Programme. The programme effectively acts as an enterprise play amongst food businesses and restaurants to achieve zero food waste, reduce their environmental impact and cut carbon emissions. It will also intend to stimulate its international expansion plans, centred around 10 key markets in Latin America, Northern Europe and Asia with strong organic growth, said the company.

What the Founder has to say

Image Credits: OLIO, Saasha Celestial-One and Tessa Clarke (Founder club of OLIO)

Co-Founder of OLIO, Tessa Clarke, comments on the recent fundraise, “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 throwing away one-third of the food we produce and consume 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.” 

What the Investors have to say

CEO of VNV Global, Per Brillioth, said, “The growth of OLIO over the last year has been nothing short of phenomenal, and it’s clear that consumers are becoming increasingly focused on the small actions they can take to improve the sustainability of their households. OLIO, a next-generation community marketplace with the potential for truly global reach, is perfectly positioned to service this movement and, in doing so, create a truly transformational company. We’re delighted to be part of the OLIO journey and look forward to supporting Tessa, Saasha and their team.”

Managing Partner of DX Ventures, Duncan McIntyre, said, “We are excited to back Tessa, Saasha and the OLIO team as we are strongly aligned with the company’s sustainability mission. Having built a solid and fast-growing community of users, OLIO is tackling the global food waste problem in a scalable and sustainable way. OLIO has an incredibly well-loved product, and with this partnership, we look forward to helping OLIO grow and expand its global footprint.”

About OLIO

Founded in 2015 by Saasha Celestial-One and Tessa Clarke, OLIO is a free app connecting neighbours to share surplus food and other items not binned. Its location-based app and website allow people to list and post photos of unwanted food items to be shared with other people in the same neighbourhood. To know more, visit https://olioex.com/.

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