StartLife alumnus Orbisk has successfully raised €1.05M seed funding for its fully automated food waste monitor for hospitality organizations. Orbisk will use the funding to further its R&D and go-to-market efforts and advance towards scale.
Using artificial intelligence, Orbisk’s waste monitors automatically identify what food and how much of it is thrown away by food service companies. By monitoring what food gets thrown out, restaurants and cafeterias not only reduce the amount of good food going into the garbage, they also save money by not spending it on food that customers don’t want. Orbisk’s solution is currently used by 50 restaurants, which are now benefiting from an average food waste reduction of 40 – 50%.
2.1 billion tons food waste
Food waste is big problem. Each year over 1.3 billion tons of food is wasted. This equals 4.4 billion tons in C02 emissions, which accounts for 8% of global CO2 emissions. Orbisk’s waste monitors are used in the hospitality industry, which accounts for 15% of all food waste globally. That is over 150 million tons food waste annually wordwide and 10 million tons annually in the EU alone. Without impactful interventions, food waste is expected to grow to 2.1 billion tons by 2030, representing a major economic burden of €1.1 trillion on the hospitality sector and environmental burden on society.*
Investors double down their stakes
With so much potential impact, it is no wonder that this proven solution receives support from investors. The funding round was led by FoodSparks by PeakBridge VC (one of StartLife’s investor partners), with participation from EIT Food, and existing investors DOEN Participaties B.V. and Brabantse Ontwikkelings Maatschappij (BOM) of which the latter have doubled down on their prior investments in the company.
*Source: Catalyze Group