ImpactAlpha, April 15 – Curbing food waste in the U.S. is a $14 billion annual opportunity. Chicago-based tech startup Hazel Technologies supplies packaging inserts that slow produce decay. The company says it will prevent 500 million pounds of food waste this year through partnerships with major producers and distributors like New Zealand’s kiwi producer Zespri and Canada’s Oppy.
Singapore’s Temasek and Pontifax’s global agrifood tech fund backed the company’s $70 million Series C round.
“If food waste were a country, it would be the third-largest greenhouse gas contributor on the planet, behind the U.S. and China,” notes Hazel’s Aidan Mouat.
Hazel’s food-preservation peers like Apeel and Cambridge Crops are addressing the problem with edible food coatings. FoodMaven, Misfits Market and Imperfect Foods are trying to redirect over-supplied and imperfect produce to big buyers and consumers.