Olio, a UK-based mobile app for sharing food and other items, closed a $43 million series B funding round led by VNV Global and Lugard Road Capital/Luxor.
The investment will be used to expand its Food Waste Hero programme and product development.
“The pandemic coupled with the accelerating climate crisis has made it clearer than ever, that it’s no longer acceptable for businesses to throw away perfectly good food,” Olio co-founder Tessa Clarke said.
“Clients such as Tesco, Pret a Manger, and Compass Catering recognise that working with us is inevitable if they are to achieve zero food waste locations.”
“That’s because internal initiatives and working with discounting apps and charities alone just won’t get them there. We have an incredibly strong pipeline and now need to staff up fast to unlock this.”
Clarke believes that the Tesco-backed venture had to beat the odds as it was a female founded, tech for good, early revenue business.
“And through taking Olio to new countries, all underpinned by a significant increase in marketing investment, we will finally unlock our true potential for growth, both in terms of number of Olioers, and our impact.”
Olio is an used by people to give away free items including food to their neighbours and according to the app itself, it is used by over 4.5 million people.
Users simply list an item, a pickup location and then collect it after arranging a time with the lister.
The aim of the app is to reduce food wastage and reduce the effects of climate change.