OLIO, a pioneering food-sharing app designed to combat food waste, has successfully raised $6 million in a Series A funding round. This achievement highlights OLIO’s growing influence in sustainable technology, supported by notable investors.
OLIO stands out as a unique solution in the fight against food waste, leveraging technology to connect those with surplus food to those in need. With over 500,000 users, it is the world’s only neighbour-to-neighbour food-sharing platform.
The $6 million funding round was led by Octopus Ventures, with notable backers like ASOS co-founder Quentin Griffiths, Accel, and Quadia. New investors include Lord Waheed Alli’s Silvergate Investments, Bran Investments, and individuals such as Julien Codorniou from Facebook and Jason Stockwood from Match.com. Such robust financial backing underscores the confidence in OLIO’s mission.
The capital injection will be used to double the size of OLIO’s team, with a significant focus on enhancing its product. By expanding the ‘Food Waste Heroes Programme’, OLIO aims to empower retailers, events, and corporate canteens to achieve zero food waste.
Co-founder Tessa Clarke expressed excitement about unlocking the potential of hyper-local food sharing networks. Saasha Celestial-One, COO, emphasised the achievements made with a lean team and looked forward to further growth.
OLIO is committed to a vision of creating hundreds of millions of hyper-local food-sharing networks worldwide. This initiative effectively addresses food waste, one of the most pressing environmental challenges.
The impact so far is significant, with over 600,000 portions of food shared within two years of its inception. OLIO is not just a tech company; it is a movement toward sustainable living.
The app empowers individuals and businesses to share valuable resources, reducing the vast amounts of food waste generated globally. This contributes to a more sustainable future.
OLIO’s co-founders are part of a small but growing number of female-led businesses in the ‘tech for good’ sector. Their success challenges the status quo and provides inspiration for future female entrepreneurs.
By securing significant funding, they demonstrate the potential for female-led initiatives to garner substantial support and make meaningful impact.
Incorporating a gender-diverse perspective, OLIO offers innovative solutions and paves the way for other female entrepreneurs to follow suit.
At the heart of OLIO’s success is its strong community collaboration. The app builds local networks that foster a sense of community and shared purpose.
This community-driven approach not only reduces food waste but also strengthens social bonds. People are encouraged to interact, share, and support each other.
By promoting local collaboration, OLIO enhances community resilience and fosters a culture of sharing and sustainability.
As OLIO moves forward, its focus remains on expanding its reach and impact. The foundation built by its founders and supported by investors lays the groundwork for future achievements.
The success of OLIO in securing substantial funding demonstrates the viability and necessity of innovative solutions to global challenges like food waste. Looking forward, OLIO is positioned to make a lasting impact on sustainability and community-driven change.
