Food sharing app OLIO clinches $2.2m
Finance will support company's “Food Waste Heroes Programmes”, which matches volunteers with local businesses to save unsold food
OLIO, the food-sharing app, has closed $2.2m in funding from Accel, Quadia, Mustard Seed, Quentin Griffiths of ASOS, Achica, FarmDrop, Wayne Churchill of MDNX and Easynet.
Founded in February 2015, OLIO connects neighbours, local shops and cafes to ensure that surplus food is shared around rather than thrown away. Users upload a picture of spare food to alert their neighbours, who can choose anything that takes their fancy and pick it up from an agreed location.
Action point: Need a loan to start a business of your own? See how we can help here and here
The company is hoping to capitalise on the estimated £12.5bn of edible food wasted by UK households every year – at a cost of £700 for the average family. To date it has secured 120,000 users and facilitated the sharing of 175,000 items of food.
OLIO will use the finance to support its business operations into 2018, including its “Food Waste Heroes Programmes”, which matches volunteers with local supermarkets and bakeries to collect unsold food and redistribute it using the app.
Tessa Cook, co-founder said: “This is a major vote of confidence in our long-term vision to enable hundreds of millions of hyper-local food sharing networks across the globe. […] It’s been such an exciting journey so far and we can’t wait to execute on our plans for 2017.”
Sonali De Rycker, general partner at Accel, added: ‘From the start we were drawn to the enormity of the problem that OLIO addresses, and are backing […] the team to unlock the huge potential of mobile-enabled hyper-local sharing. We look forward to working with the team to help make OLIO a great success.”