South Bend-based FloWaste Inc. has completed a $270,000 pre-seed round of financing. The food analytics company offers a platform to reduce food waste by helping foodservice providers optimize portion sizing, ingredient combinations, and meal preparation.
The round was led by San Francisco-based Plug and Play Ventures. Indianapolis-based Elevate Ventures, RSLP Ventures, Flywheel Fund and Culvex Investments in Bloomington, as well as individual investor Angie Stocklin, also participated in the round.
FloWaste Chief Executive Officer Rian Mc Donnell says the investment will enable the company to capitalize on sales momentum and launch paid pilots of its technology later this year.
“We are honored by the many investors that have chosen to back us at this early stage,” said Mc Donnell. “It is a testament to our mission to solve the food waste issue that we were able to bring together Silicon Valley experience and Midwest grit, determination and food industry expertise.”
According to the United Nations’ Food and Agriculture Organization, annual food loss and waste is likely to rise by a third by 2030, with 2.1 billion tons worth $1.5 trillion, being lost or thrown away.
“By leveraging technology to reduce food waste across multiple segments of the foodservice and production industries, FloWaste has the potential to solve a multi-billion dollar global problem that has implications for consumers, sustainability and profitability,” said Ian Rupert, managing partner at RSLP Ventures. “RSLP is pleased to partner with FloWaste at such an exciting stage in their business.”
FloWaste says it has lined up several pilots of the food analytics platform with a variety of customers, including best known global fast food chains, corporate cafeteria management companies, a large European beef processor, and the U.S. Air Force. FloWaste plans to complete many of the pilots before fall 2021.