It’s Fresh! Secures £6.7m Investment to Combat Global Food Waste
Recently, news has been hitting the headlines as It’s Fresh! received a £6.7m investment from BGF and Zintinus, as well as Praesidium, its already existing investor. Investors are excited about the innovative approach of this global food technology business, which uses their patented technology to reduce food waste and improve the quality of produce.
The UN Food and Agricultural Organisation estimates that global food waste amounts to a cost of £753 billion ($940 billion) and contributes to 8% of global CO2 emissions. The issue of balancing economics and the environment requires attention, and It’s Fresh! is taking a prominent role in addressing it.
Around 40-50% of fresh food is wasted from harvest to post-purchase, due to long storage and transit times, making fresh produce a major and significant contributor to food waste. However, It’s Fresh! has developed a solution to this problem through their patented technology, which controls the impact of ethylene emitted by fresh produce.
It’s Fresh! advanced technology can extend the shelf-life of fresh fruits and vegetables by controlling the rate of ripening. This will then help to reduce overall food waste and optimise the quality of produce throughout the entire food supply chain.
The technology can be used to slow down the ripening process and can be applied at every step of the supply chain, starting from harvest, through to transit and all the way to in-store fruit containers. This makes fresh produce more available and affordable for growers, distributors, retailers, and consumers, while also making it safer for all to eat.
The company has taken their patented technology and turned it into commercial apps that improve the product’s ability to control the ripening rate. In addition, different examples have demonstrated that the technology can be used to decrease the amount of carbon emissions and increase the amount of time fresh produce remains edible, even after being transported.
Additionally, It’s Fresh! plans to use the new investment to further expand their global growth strategy to enter into new markets. They also aim to develop new solutions, such as using innovative technology in modified air bags.
Furthermore, the company wants to allocate more resources towards research, with the aim of enhancing the efficiency and effectiveness of its products. The demand for fresh fruits and vegetables is increasing as more people seek a healthier lifestyle, therefore, it is important to also address the issue of food waste as the industry grows.
In conclusion, the timing of the funding for It’s Fresh! is ideal as it supports their goals of enhancing innovation, improving food safety, and promoting environmental sustainability, while also providing them with ample means to be able to tackle food waste effectively.
It’s impressive to see how It’s Fresh! is taking significant steps towards reducing food waste and improving the quality of produce. This initiative has caught the attention of both investors and the global community, with more investors showing interest in the food tech company’s innovative solution in tackling food waste; which has been evidenced by the recent additional investment from both BGF and Zintinus.
The technology has the potential to preserve fresh produce, which in turn will reduce the economic costs for society and also minimise the devastating effects of food waste, while allowing the offering of better quality produce for customers everywhere.
This is a significant and positive outlook, not only for It’s Fresh!, but the general public as well. It seems all are willing to collaborate towards achieving a world where there will be less food waste and a more efficient and healthier production of crops and produce.
News Credits: It’s Fresh! secures £6.7m to grow its food waste reduction technology business
Things you may also like: