Food waste start-up Too Good To Go gets £5.3m from investors
Leftover food startup Too Good To Go has been given £5.3m from some of its existing investors, as it prepares to double its London team and expand into four new countries in 2019.
City AM reports that while the company is headquartered in Copenhagen, its London office is expected to double in size by the summer to a team of 40.
The latest round of funding brings the start-up's total backing to date to £14.6m, led by existing investors including former Trustpilot executive Jesper Lindhardt.
“The reality is that it’s standard practice for food businesses to throw away perfectly edible food," explained chief executive Mette Lykke.
"We give them the flexibility to offer up anything that’s still good to eat and sell it to consumers through the app at a discounted price. It’s a win for retailers, because they reduce waste, acquire customers and increase revenue, it’s a win for consumers who get great food for a reduced price, and it’s obviously a win for the environment which is our main motivation.”
"Too Good To Go has a unique opportunity to tackle a very serious environmental issue with a smart business model," said Lykke.
"Across the value chain and across borders, the issue of food waste is complex and hard to fix. By creating a new market for surplus food, we ensure more food gets eaten, making businesses and consumers winners in the process."
In the UK alone more than 10 million tonnes of food is thrown away every year. This waste is estimated to be worth £17 billion a year.
That's £700 per family per year spent on food that ultimately just ends up in the bin.