OLIO closes 'against the odds' Series B funding round
OLIO, a UK-based mobile app for the sharing of food and other items, has closed a $43 million Series B funding round, led by VNV Global and Lugard Road Capital/Luxor.
The venture will use the cash for product development, international expansion and its Food Waste Hero programme.
“The pandemic coupled with the accelerating climate crisis has made it clearer than ever, that it’s no longer acceptable for businesses to throw away perfectly good food,” says Tessa Clarke, Co-founder, OLIO.
“Clients such as Tesco, Pret a Manger, and Compass Catering recognise that working with us is inevitable if they are to achieve zero food waste locations.”
“That’s because internal initiatives and working with discounting apps and charities alone just won’t get them there. We have an incredibly strong pipeline and now need to staff up fast to unlock this.”
She adds: “Through making the OLIO experience better and more useful. Through rapidly scaling the number of businesses we support.”
“And through taking OLIO to new countries — all underpinned by a significant increase in marketing investment— we will finally unlock our true potential for growth, both in terms of number of OLIOers, and our impact.”
According to Clarke, the Series B round was, as with all the startup’s raises, against the odds, due to it being a female founded, tech for good, early revenue business.
“Particularly challenging is the fact that female founded businesses continue to receive a mere 1% of all venture capital funding, whilst male founded businesses get 89%, and mixed teams the delta.”
She concludes: “Dana Kanze’s brilliant assessment of some of the challenges we face is absolutely spot on! Most investors squirm uncomfortably when I share my reality, or even worse, make it feel like there’s something wrong with me.”
“Now I button it up and keep my eyes on the prize, stoic about the fact that I’ll have to beat the system before I can change the system.”
