Agricultural technology start-up Hazel Technologies, who has developed a solution which extends the shelf life of produce, has received $3.26 million in a funding round led by S2G Ventures.
To combat the global food waste problem, Hazel developed packaging inserts which release an anti-fungal vapour, and the brand claims these can extend shelf lives of fresh produce as much as three times by preventing fungus and decay.
Approximately 60 million metric tonnes of food is wasted in the US according to the New York Times, and Hazel’s solution has drawn significant interest from companies such as Dresick Farms International and Agritrade Farms International, who have recently partnered with the brand.
The United States Department of Agriculture (USDA) also provided $700,000 in grant funding to help the brand develop and commercialise their technologies.
Aidan Mouat, Hazel’s CEO and Co-Founder, said: “with this financing, we will immediately quadruple our production capacity to reduce the current wait-time for our products. We are passionate about reducing food waste and improving consumer produce quality and now we’re in a position to deliver.”
Matthew Walker, principal at S2G Ventures said: “We have completed over 50 successful commercial pilots with some of the largest produce growers in the world. These customers cumulatively ship over two billion pounds of produce per year to over 30 countries.
“Hazel’s technology has the potential to make a real impact on a massive scale. Food waste creates an incredible strain on our resources and Hazel’s drop-in solution is already being used to reduce this strain by optimizing freshness across the supply chain from harvest to the consumer.
“We are excited about the partnership with Hazel and look forward to working with the Hazel team to reduce food waste and enhance the efficiency of the produce supply chain.”
© FoodBev Media Ltd 2019