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In brief: UK app that cuts food waste raises $43m

Venture capital investments in sustainable food sector are gaining pace.

An app to reduce food waste has raised $43 million in series B funding led by Swedish venture capital firm Vostok New Ventures Global.

Olio, an app for households, shops and restaurants to give away unused food, was founded in London in 2015 and has five million users. It has plans to expand into Latin American, Northern European and Asian markets and is targeting a billion users by 2030.

Accel, a US-based investment firm currently investing its seventh Europe-focused fund, according to affiliate title Private Equity International’s database, also contributed to the funding round. Other investors include venture capital firms Octopus, Lugard Road Capital and Rubio.

Sustainability in the food sector is a maturing market. Impact funds and mainstream funds without a sustainability mandate are making inroads into the market: last month, General Atlantic invested in a vertical farming company alongside its climate impact fund BeyondNetZero, and Astanor Ventures invested in a plant-based meat company through its debut fund.