OneThird, an AI-driven FoodTech startup based in the Netherlands has raised €2.75M in a late-Seed round of funding.
The startup aims to reduce food loss and waste through its food technology. With this, the business has now raised a total of €5.75M in the capital.
In the most recent round, Halma Ventures Limited, SHIFT Invest, and Oost NL joined Netherlands’s impact investor Pymwymic.
Pymwymic has introduced two impact funds with an emphasis on SDGs. Nine portfolio businesses that develop solutions to protect and restore our ecosystems are part of Pymwymic’s Healthy Ecosystems Impact Fund I, which closed in 2021.
The second fund, Healthy Food Systems Impact Fund II, assists innovators who are bringing about change in the “farm to fork” food system. OneThird has received funding from Pymwymic’s second fund.
A growing worldwide population requires increased food security, according to Pymwymic Investment Manager Sophie Pickering. We are enthusiastic about the opportunities that OneThird’s technology offers to address the alarming rates of worldwide food loss throughout the supply chain.
OneThird will use the funds to support fresh produce supply networks in North America and Europe. Additionally, it plans to scale the company’s AI-driven technology and operations to enter new markets.
The business aims to get in touch with as many farmers, distributors, and retailers as it can to accurately predict the shelf life of food throughout the supply chain. Its goal is to reduce the $1T in food waste each year due to spoilage.
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“The funding will allow us to accelerate the implementation of OneThird’s technology beyond our initial customer base, expand internationally, and increase the impact we can create for our customers to help them generate higher ROI, as well as to meet their sustainability and ESG goals,” says Marco Snikkers, founder of OneThird.
UN considered Food waste to be a major obstacle to sustainable development. Specifically, fresh vegetables make up 40% of the one-third of delivered food that the market loses annually.
Produce is frequently transported over great distances even though it can go wrong in a matter of days. Therefore, AI-driven FoodTech business OneThird hopes to make an impact in this area.
OneThird was founded by Marco Snikkers in 2019. The startup uses AI-driven near-infrared scanning technology to help farmers, food distributors, retailers, and consumers accurately predict the shelf life of fresh produce and decrease food waste.
The company claims that its technology can significantly reduce waste throughout the production supply chain. By providing real-time information to aid in decision-making, up to 25% of waste can be eliminated, according to the company.
To optimize the use of the technology’s predictions, there are several options available. These include extending best-before dates, shortening shipping distances, and repurposing nearly-spoiled products for other food items such as smoothies, frozen foods, and soups.
In late 2023, the technology will support ten more product types, such as grapes, bananas, mangoes, and raspberries. It predicts the shelf life of tomatoes, strawberries, blueberries, and avocados.