- Shelf-life enhancing startup Hazel Applied sciences introduced the shut of a $70 million Collection C spherical co-led by Pontifax World Meals and Agriculture Expertise Fund (Pontifax AgTech) and Temasek, a Singapore-based international funding fund, in line with a press launch. Different traders included S2G Ventures, Pangaea Ventures, Rhapsody Enterprise Companions, Asahi Kasai Ventures, Jordan Park Group, and the Jeremy and Hannelore Grantham Environmental Belief.
- Hazel Applied sciences creates sachets that may be positioned in bulk containers of produce on the time of harvest to inhibit the discharge of the ripening agent ethylene. The startup claims it might probably prolong shelf life as much as thrice in comparison with produce transported with out the sachets.
- The corporate stated it is going to use the latest spherical of financing to commercialize its expertise globally. By the tip of 2021, Hazel estimates its sachets could have saved practically 1 billion kilos of produce from going to waste since its founding in 2015.
Roughly one-third of all meals produced world wide is wasted, in line with information from the United Nations. This quantities to 1.3 billion tons of meals every year, creating 3.3 billion tons of greenhouse gases.
Discovering methods to curb waste has develop into a significant focus for the meals business, customers and traders in recent times. In 2020, practically 200 corporations pledged to chop meals waste in half by 2030, together with Mondelez, Nestlé and PepsiCo. That very same yr, the Shopper Items Discussion board organized a bunch led by CEOs at 14 of the most important producers and retailers to sort out meals waste, together with Basic Mills, Kellogg, Nestlé, McCain Meals and Barilla.
Innovation might be a significant piece of the puzzle in serving to corporations attain that aim. Tapping a startup’s expertise presents a faster option to discover workable options in comparison with creating a meals waste-focused R&D division in-house or fully revamping provide chain logistics. Buyers have caught on to this chance: In 2018, meals waste startups raised $125 million in enterprise funding, and so they proceed to attract investments.
Hazel’s sachets supply a comparatively simple option to maintain produce on the shelf longer. They don’t require extra infrastructure, equipment, or workers coaching. The sachets may also be used alongside every step of the availability chain with out requiring employees to alter present operations.
Hazel claims to be working with over 160 corporations in 12 nations, together with Mission Avocado, kiwifruit distributor Zespri, and Canadian produce distributor Oppy. It studies being on observe to have its sachets used with over 6.3 billion kilos of recent produce, which is able to finally stop over 500 million kilos of it from ending up within the trash. And on high of produce, Hazel can be reportedly exploring purposes of its expertise to meat merchandise.
There are a number of different startups tackling the meals waste drawback. Apeel Sciences, which raised $250 million final yr from names like Oprah Winfrey and Katy Perry, has developed a plant-based coating utilized to provide that extends shelf life. StixFresh has created a sticker that may prolong the shelf-life of sure produce objects by as much as 14 days by way of the discharge of chemical compounds that assist shield the produce. In the meantime, Seebo, which introduced a $24 million enterprise spherical final month, is utilizing AI to assist meals producers cut back waste throughout manufacturing.
Regardless of the more and more aggressive meals waste tech phase, Hazel appears to be preserving tempo. It was lately chosen as a finalist for Quick Firm’s 2020 World Altering Concepts competitors, received Greatest Sustainable Packaging on the 2020 World Meals Innovation Awards and it has acquired funding from the U.S. Division of Agriculture in 2020 for its potato-focused preservation tech.