"Transformational" sustainability app launches $43m round to tackle food waste

A London sustainability app has announced that it is launching a $43m funding round as it aims to tackle food waste.

OLIO, which is used to give away unwanted food, has announced a $43m Series B round to help its expansion.

This latest fundraise saw investments from existing investors VNV Global and Lugard Road Capital, supported by further funds from DX Ventures, Accel, Octopus Ventures, Rubio plus technology entrepreneur and chair of Grimsby Town football club Jason Stockwood and media entrepreneur and politician Lord Waheed Alli.

The funding will support OLIO’s plans to build across ten key markets in Latin America, Northern Europe and Asia.

Tessa Clarke, co-founder of OLIO, commented: “OLIO has grown five times over the last year, reflecting a step change that’s taken place as businesses and citizens look to be more sustainable and connect with their local communities.

“We’re beyond thrilled to have raised this capital from a brilliant set of investors who are backing our vision of reinventing consumption for more than one billion OLIOers by 2030.

“We have this enormous ambition because humanity cannot continue to puzzle over how to keep global warming within 1.5 degrees and feed a population of 10 billion - whilst continuing to throw away one third of the food we produce, and consuming as if we have 1.75 planets.

“In solving these twin problems we aim to build one of the most transformational companies of our generation.”