London-based startup Olio has announced the closure of a $2.2m pre-Series A round.
The company, which has produced an app that connects consumers and shops to ensure that surplus food and items can be shared and not thrown away, drew support from investors including Accel, Quadia, Mustard Seed and ASOS co-founder Quentin Griffiths.
According to WRAP, UK households – responsible for more than half of all food waste – collectively bin more than £12.5bn of edible food per year, setting back the average family £700.
Speaking about the funding, co-founder Tessa Cook said the investment was a major vote of confidence in Olio’s long-term vision to establish hyper-local sharing networks across the globe.
She added: “Olio provides a fun and engaging way for neighbours to connect with each other and solve the problem of waste – and food waste specifically – from the ground up. It’s been such an exciting journey so far and we can’t wait to execute on our plans for 2017.”
The money, a statement issued by the company said, will be used to fund Olio’s operations into 2018.
Sonali De Rycker, general partner at Accel, commented on her decision to back the startup: ‘From the start we were drawn to the enormity of the problem that OLIO addresses, and are backing Tessa, Saasha and the team to unlock the huge potential of mobile-enabled hyper-local sharing. We look forward to working with the team to help make OLIO a great success.”