Too good to go, A startup that lets you buy just before food is wasted, is raising a $ 31.1 million goal. blisce / Is leading the round and investing $ 15.4 million as part of today’s round. Existing investors and employees are also participating. While the company has been around for some time, for the first time, Too Good to Go is raising money from a VC firm.
The startup has been operating in several European countries for a few years. It runs a market focused on food waste. On one hand, restaurants, grocery stores, bakeries and other food businesses contribute to surplus foods. On the other hand, consumers can snatch food before it is unwelcome.
This is a win for everyone because businesses can generate little revenue from surplus food, customers can buy food at great prices and it reduces unnecessary waste. Of course, it is also beneficial Too good to go As the company charges a commission on the transaction.
CEO Mette Lykke told Ingrid Lunden of TechCrunch said that a third of food produced today is either lost or wasted – so there is a huge market opportunity. While the startup is growing well, the epidemic has had a major impact on revenue – many restaurants close and many customers prefer to stay at home.
Back in September, Lyke told TechCrunch that Too Good to Go saw a 62% drop in revenue due to Kovid-19. But he is not going to shut down the company.
In total, Too Good to Go is running in 15 countries and has saved 50 million meals. 65,000 businesses have yet to sell anything on Too Good to Go. 30 million people signed on to the service.
Too Good to Go is already working on its biggest expansion – just like in US Europe, billions of pounds of food go waste. according to this USDA Economic Research Service, It represents 30 to 40% of the food supply.
Since the startup’s operations are highly localized, Too Good to Go is beginning with specific metropolitan areas in the US. In September, the company began operations in the US, along with New York City and Boston. Since then the part of New Jersey has expanded to Too Good to Go.
In the US alone, the startup has attracted 150,000 users and is working with 600 businesses. It has sold 50,000 meals. Those numbers are still somewhat low, but this is a strange quarter for restaurants and grocery stores in America
Let us see how it develops in the coming months. With today’s new funding round, it should definitely boost usage in the US and make it easier to plan for the long term.