The $50 million venture fund, backed by Walmart, Coca-Cola, Nestlé and a half-dozen giant consumer companies, has been busy.
Their second #dealflow of the day is a bet on Natural Machines’ “3D printer” that effectively makes processed foods at home (ok, we don’t quite get it either). The device, called Foodini, retails for $2,000 and is primarily being used in restaurants and commercial kitchens.
Closed Loop’s interest is in reducing food waste by building a market for “ugly fruits and vegetables” that are deemed not fit sale. Over 1.5 billion tons of food gets wasted worldwide every year.
Other ventures trying to tackle ugly produce waste include Imperfect Produce and Full Harvest both in San Francisco.
Inspirafarms is focused on preventing spoilage on small-scale farms without cooling facilities.