Surplus food marketplace Too Good To Go has raised €25.7mln in a fundraising round, including a €12.7mln investment by growth venture capital fund blisce/.
The online platform is the world’s largest of its kind, with a presence in 15 countries.
More than 100,000 meals every day avoid the bin as consumers can connect with restaurants and grocery stores in their local communities through its dedicated mobile app.
blisce/’s investment will go toward expanding Too Good To Go’s track record and scaling its global operations, mostly in the US market where 40% of edible food is wasted and where blisce/ maintains a dedicated team with market expertise.
The fund said it believes that Too Good To Go is well positioned to further scale and reach ever more users looking to align their values with their purchasing decisions, as consumers turn to more sustainable brands and habits.
“We at blisce/ are committed to backing mission-driven entrepreneurs, and this partnership with Too Good To Go is the latest example. We are thrilled to be the first VC fund to join Too Good To Go’s incredible story, a company whose ethos we share,” said Alexandre Mars, founder and chief executive, in a release.
“From the outset, its team has shown an impressive singular vision: that it is possible to embed social impact within the business model and generate impressive results while making a difference for people and the planet.”