ENSCHEDE, THE NETHERLANDS — Food technology startup OneThird has raised $3 million in a seed funding round led by Pymwymic, a Dutch-based impact investment firm. The round brings OneThird’s total funds raised to just over $6 million.
Named after the one-third of produced foods wasted annually due to spoilage, the startup was founded in 2019 to provide food waste solutions through its artificial intelligence-powered platform.
OneThird’s technology combines optical scanners, image modeling, spectroscopy and AI-driven insights to provide shelf-life estimates for produce within one day of accuracy, according to the company. The startup found this technology can reduce up to 25% of produce waste across the supply chain, offering real time information that can provide optimal best before codes, help suppliers avoid spoilage during transit or allow manufacturers to convert would-be-spoiled produce into shelf-stable formats, for example.
“Global food waste has an enormous environmental impact; reducing global food waste can help to reduce global greenhouse gas emissions and embolden global food security,” said Marco Snikkers, chief executive officer and founder of OneThird. “One-third of global food produced annually is lost or wasted, which is an astronomical volume given the number of people worldwide who go to bed hungry. Global food waste is both inefficient and a major social justice issue — one that is compounded across multiple touchpoints in the supply chain — from agricultural production all the way to the landfill.”
Funding from the seed round will go toward scaling the company’s technology and operations ahead of its plans for international expansion. OneThird’s technology currently provides shelf-life estimates for tomatoes, strawberries, blueberries and avocados, with plans to extend into 10 total produce types later this year.
“Increasing food security is key to supporting a growing global population,” said Sophie Pickering, investment manager at Pymwymic. “We’re excited by the possibilities OneThird’s technology presents in tackling the alarming quantities of global food loss across the supply chain.”
The startup is part of the growing number of companies designing food waste solutions, such aspreventing premature spoilageand upcycling byproducts, amidincreased consumer concernsaround the topic.
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