OneThird, a Dutch food technology company, has raised €3.5 million ($3.6 million) in Series A funding from impact investors, including SHIFT Invest and the Netherlands’ Invest International.
The company’s AI-based, near-infrared scanning technology predicts the shelf life of fresh produce. That enables food companies to adjust how they store, transport and sell their produce to reduce waste across the supply chain and ensure that fruit and vegetables reach consumers before they spoil. The technology can be used for tomatoes, strawberries, blueberries and avocados.
Waste reduction
“Reducing food waste is not only a significant environmental imperative but also a substantial economic opportunity,” said Henrike Langbroek, OneThird’s newly appointed CEO.
More than one-third of all food produced globally is lost or wasted each year — hence the company’s name — resulting in approximately $1 trillion in economic losses, according to the UN. Food waste and loss also generates up to 10% of greenhouse gas emissions globally.
Previous investors Pymwymic, a Dutch impact investing cooperative, and Oost NL, a regional Dutch development company, re-upped.
