UK food-sharing app Olio raises $6 Mn Series A

Bizztor Editors

UK-based food-sharing app Olio has secured $6 million in Series A funding. Octopus Ventures led the round with participation from other investors that included Accel and Quadia.

The U.K. startup offers a location-based app and website that lets you list and post a photo of unwanted food items to be shared with other people in the same neighborhood. That is food that you might otherwise throw away.

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OLIO is specifically tackling food waste in the home and the local community, which in developed countries accounts for well over half of all food waste: the average UK family, for example, throws away £800 of food per year that could have been eaten – collectively adding up to £15bn.

Co-Founder & CEO Tessa Clarke said: “We are absolutely thrilled to be working with the Octopus team to unlock our vision of a world with hundreds of millions of hyper-local food sharing networks so that our most precious resources can be shared, not thrown away.” She added: “We are also extremely proud to have closed this round not only as one of a handful of female-founded businesses but also as part of the small but growing group of ‘tech for good’ companies.”

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Co-Founder & COO Saasha Celestial-One said: “We’ve achieved an incredible amount with a very lean team, and can’t wait for this next stage when we can really start to unlock the true potential of OLIO.”

OLIO has quickly grown from a local initiative in North London to a global movement. This is in large part thanks to their unique model of over 20,000 brand Ambassadors who spread the word about OLIO in their local communities.

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