A company which encourages users to give away excess food has raised £31 million from investors including German takeaway giant Delivery Hero.
Olio, founded in London six years ago by Tessa Clarke and Saasha Celestial-One, has millions of users who collect and hand out unwanted food.
In August 2020, it signed a deal with Tesco which has reportedly saved five million meals from being thrown away.
The startup raised eyebrows in 2018 with a £4.7 million funding round, and its founders claim it has gained traction with big businesses looking to reduce food waste.
Globally, rotting food accounts for up to 10 per cent of carbon emissions.
“Businesses are on a race to net zero, they want to work with us given the enormous environmental impact of food waste,” Clarke said.
Olio’s latest investors include UK firm Octopus Ventures, Sweden’s VNV Global, and DX Ventures, the investing arm of Delivery Hero.
Last month, the Berlin behemoth bought a five per cent stake in Deliveroo for around £400 million.
Clarke said she was “thrilled to be working with Delivery Hero” on Olio’s international expansion.
“At the moment 80 per cent of our activity is in the UK, but there is also 20 per cent overseas,” she added.
Olio plans to focus its overseas growth in 10 markets across Latin America, Northern Europe and Asia.