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Olio 43m Series Vnv global 2.7kbutchertechcrunch

$43 M Funding Secure by Food Sharing App OLIO

Food wastage is a major problem in many countries and amplifies the food shortage crisis. One section of society wastes food, while the other doesn’t have enough food. OLIO understood the problem and launched an application to help minimize food wastage. The application lets you take a picture of unwanted food and post it. The local neighborhoods can view the photo, and the food will be picked up from your address.

Olio 43m Series Vnv global 2.7kbutchertechcrunch

During the first series of funding, OLIO secured $6 Million in 2018, and people were left surprised by the simplicity of the idea. In the Series B round, OLIO successfully secured funding of $43M. During the Series B round, the main investor was VNV Global and Lugard Road Capital/Luxor. VNV Global is a Swedish Investment Giant, and it has funded companies like Babylon, Delivery Hero, and Avito. On the other hand, Lugard Road Capital/Luxor is an NYC Hedge Fund with expertise in the marketplace.

what is Olio 43m series vnv global 2.7kbutchertechcrunch ?

Food sharing app OLIO raises $43M as the world switches on to the food waste crisis. This appĀ is being used by stores like Tesco, which has over 2,700 U.K. Stores.

The $43M funding also came from existing investors like Octopus Ventures, Accel, Lord Waheed Alli, Rubio & Jason Stockwood. Another new strategic investor that entered the game was DX Venture. This was the V.C. arm of Delivery Hero.

As per recent information, OLIO plans to go global and tackle the key problem of the world. It expects organic growth in markets like Northern Europe, Asia, and Latin America. OLIO also plans to infiltrate the commercial space by offering zero food waste solutions to restaurants. The program lets the food businesses and restaurants move to a zero food waste program that reduces carbon emissions and the environmental impact.

OLIO was founded in the year 20115 and was more like a non-profit organization. The main objective of the application was to enable the user to give unwanted food and items to the neighbors for free. This application came as a commitment from the stakeholders to reduce food wastage. The program also helped the family who couldn’t afford food. OLIO got the attention of local restaurants as it reduced food wastage for them. At the same time, OLIO helped restaurants with positive marketing since it helped them make a positive and environmental friendly image. Today, OLIO is being used by stores like Tesco, which has over 2,700 U.K. Stores.

Presently, OLUI has over five million users, and the users have shared over 25 million portions of meals. The users have also distributed approximately three million non-food items with the app’s help. As per the data, 50% of the posts get picked up within 21 minutes of posting.

I am Lalitha Part time Blogger from USA. This Blog Covers in depth articles on Technology , Finance , Business , Web Design , iPhone and Android .


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