Hazel Technologies, a US company delivering solutions to combat food waste, has received $13 million in Series B funding.
The round, which was led by Pangaea Ventures and S2G Ventures, brings the total raised by the firm to $17.8 million and comes after it secured $3.3 million last year.
Founded in 2015, Hazel’s core technologies revolve around the release of shelf-life-enhancing vapour from sachets. The sachets are placed in boxes of bulk produce by growers at the time of harvest, and are said to extend shelf life by up to three times by slowing ageing in produce and preventing fungus or decay.
“This new financing brings in resources, both financial and strategic, that will grow Hazel from its current early commercial stage to become a profitable, world-leading provider of shelf-life extension products,” said Aidan Mouat, CEO of Hazel Technologies.
“We’ve delivered a solution that works both economically and environmentally, increasing efficiencies across the entire supply chain, and now we are able to roll these out to address food spoilage in multi-billion-dollar markets internationally.”
Since 2017, Hazel Technologies has completed more than 100 pilot trials for products such as melons, okra, apricots, avocados and cherries.
The company intends to use the latest funding to grow its main product line, launch new technologies and expand its team.
The Series B round also attracted new investors The Grantham Foundation and Asahi Kasei Ventures, which join returning investors Rhapsody Venture Partners, Serra Ventures, Valley Oak Investments, Climate Impact Capital and ImpactAssets.
“Pangaea is thrilled to lead this financing in Hazel,” said Keith Gillard, general partner, Pangaea Ventures.
“Hazel has a deep understanding of their customers that we rarely see in a start-up company. Their drop-in solution for a broad set of supply chain applications will allow Hazel to be a true change maker in food waste reduction across the supply chain.”
© FoodBev Media Ltd 2020
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