Motatos, the Swedish-based D2C e-commerce business tackling global food waste, has today announced a raise of €24 million, in a round led by Blume Equity with support from existing investors. This follows the Series C round earlier this year, bringing total funds raised to €95 million. The fresh capital will be used to accelerate international expansion, building on the strong momentum the business is experiencing across Europe. Motatos currently operates in Sweden, Germany, Finland, and Denmark.
Motatos was set up in Sweden in 2014 by founders Ulf Skagerström, Erik Södergren, and Karl Andersson, in response to the global issue of food wastage. Approximately one-third of food produced for human consumption is lost or wasted globally, according to the Food and Agriculture Organization of the United Nations (FAO).
Motatos allows consumers to purchase food, grocery, and general household items which would otherwise be thrown away. Factors such as overproduction, incorrect packaging, seasonal trends, and short expiry dates all contribute to a surplus of items which cannot be sold in time. Motatos saves these products, selling them at low-cost to consumers online, and delivering directly to customers’ doorsteps. The Motatos product range is wide and varied, ranging from popular pantry items such as breads and jams, to beauty and health products and pet foods. Since founding, Motatos has saved over 25k tonnes of food and consumer products from being wasted.
Motatos plans to use this round of funding to fuel its growth in current markets, as well as begin work on launching in new markets across Europe. Across Europe 88 million tonnes of food is wasted each year. Motatos’ goal is to dramatically reduce this and the 10% of GHG emissions associated with food loss and waste globally. The company will also continue to build out its own brand of By Motatos products, providing its customers with sustainable and affordable pantry basics throughout the year.
Motatos’ CEO Karl Andersson commented: “We’re experiencing very strong momentum right now, rapidly growing our European customer base amongst both sustainability-driven and price-conscious consumers, plus attracting the attention of investors looking to support businesses that are aligned with the Sustainable Development Goals. We are extremely well-positioned to continue our international expansion and we look forward to working alongside Blume Equity to achieve this.”
Michelle Capiod, the Co-Founding Partner at Blume Equity stated: “We are thrilled to partner with Karl and the team to accelerate Motatos’ international expansion. This team has built a highly scalable platform to address a major global food system challenge: Motatos helps FMCGs to prevent surplus food from going to waste by selling it online to consumers at heavily discounted prices. It’s a triple win: for suppliers, for consumers and for the planet. We have chosen to back this visionary team as their mission is closely aligned with ours at Blume Equity – to support inherently impactful businesses that are transforming our food and health systems.”
Many of Motatos’ current investors have also participated in the funding round alongside Blume Equity, including SEB Private Equity and Gullspång Re:food Invest.
via https://www.AiUpNow.com
November 9, 2021 at 06:24AM by contact@bcurdy.com, Khareem Sudlow
