Olio, the app that allows you to share undesirable meals objects together with your neighbours, picks up £6M Collection A – TechCrunch
Olio, the hyperlocal meals sharing app that desires to assist sort out the world’s meals waste epidemic, has picked up $6 million in Collection A funding.
The U.Okay. startup presents a location-based app and web site that allows you to record and put up a photograph of undesirable meals objects to be shared with different individuals in the identical neighbourhood. That’s, meals that you just would possibly in any other case throw away.
The corporate, Olio co-founder and CEO Tessa Clarke informed me in a name earlier this week, was born out of the concept that a bottom-up, neighborhood method — pushed by particular person behaviour — is probably the most scalable method to reduce down on the quantity of meals households sometimes waste. She says a few third of meals manufacturing is thrown away and/or allowed to perish, which largely results in landfill, and that meals within the house represents about half of this.
The startup helps companies sort out the issue, too. Dubbed the “Food Waste Heroes Programme,” Olio is enabling firms, akin to retailers or these working occasions and company canteens, to utilise the Olio platform and neighborhood to grow to be “zero food waste” organisations.
This sees firms charged a charge and in return Olio will dispatch its 1000’s of volunteers, who’ve been vetted and are skilled in meals hygiene, to come back to their shops or shops and gather undesirable meals objects. The volunteers then and record the objects on the app and supply themselves up as hyperlocal assortment factors. Most objects are made obtainable for sharing and picked up/distributed in only a few hours.
Clarke says the startup can also be exploring the potential for transferring to a premium mannequin, the place probably the most energetic customers of the platform pay for a subscription that offers them entry to further value-add options. The Holy Grail of hyperlocal promoting is an untapped alternative, too, provided that the app already boasts over half 1,000,000 customers.
What’s most hanging when listening to the Olio co-founder speak in regards to the younger firm is how mission-driven she, her crew and the app’s neighborhood are. That’s as a result of not solely is meals waste an costly downside — over $1 trillion per 12 months, apparently — however the environmental dent meals manufacturing and distribution makes is big, whereas a rising inhabitants implies that meals shortages will realistically grow to be a problem sooner or later. Consider that Olio can and, to a sure extent, already helps to alleviate meals poverty, and it’s simple to grasp why.
I additionally questioned Clarke on Olio’s reliance on volunteers and he or she stated that the corporate at the moment receives much more volunteer purposes than it might probably course of. Extra broadly, because the time spent being energetic on the platform is unlikely to translate right into a full-time job, because it solely works by being very distributed and remaining steadfastly hyperlocal. Volunteers additionally get to maintain as much as 10 % of the meals they gather.
In the meantime, Olio’s Collection A spherical was led by Octopus Ventures, with current buyers together with Accel, Quadia, and Quentin Griffiths (co-founder of ASOS & Achica) following on. Different new buyers becoming a member of Octopus embody Lord Waheed Alli’s Silvergate Investments 2, Bran Investments, Julien Codorniou (Fb) and Jason Stockwood (Match.com, Merely Enterprise).