Too Good to Go, the start-up against food waste, has raised 31.1 million dollar (25.3 million euro) in a new capital round. The money should support, among other things, expansion in the United States.
Remarkably, the capital increase is led by Blisce, which immediately contributes 15.4 million dollar (12.5 million euro). This is the first time that To Good To Go has called upon a venture capital fund. Existing investors and employees also participate, writes TechCrunch.
The corona crisis was, of course, a major setback for the Danish start-up, because many restaurants had to remain closed. In September last year, CEO Mette Lykke stated that income had fallen by 62% due to the pandemic. Nevertheless, she remained combative and very optimistic about the future of the company.
The anti-waste app is now also active in the United States, plans that were announced at the beginning of last year. As in Europe, there is great potential there, as it is estimated that 30 to 40% of all food produced is destroyed or thrown away.
In September, the company began operations in New York City and Boston. Since then it has also expanded into part of New Jersey. Some 50,000 meals were sold. The capital just raised should enable the company to accelerate that development and make longer-term planning easier.
Too Good To Go started in Denmark in 2015. The app combats food waste by helping restaurants and shops sell their surplus food instead of throwing it away.