OneThird, a food technology startup based in Enschede, the Netherlands, has successfully raised $3 million in a seed funding round. This funding round was led by Pymwymic, a Dutch-based impact investment firm. With the addition of these funds, OneThird has now raised just over $6 million in total funds.
The startup was founded in 2019 to provide food waste solutions through its innovative artificial intelligence-powered platform. The platform is named after the one-third of produced foods that are wasted annually due to spoilage. OneThird’s technology combines optical scanners, image modeling, spectroscopy, and AI-driven insights to provide accurate shelf-life estimates for produce within one day of accuracy, according to the company.
Marco Snikkers, Chief Executive Officer and Founder of OneThird said, “Global food waste has an enormous environmental impact; reducing global food waste can help to reduce global greenhouse gas emissions and embolden global food security. One-third of global food produced annually is lost or wasted, which is an astronomical volume given the number of people worldwide who go to bed hungry. Global food waste is both inefficient and a major social justice issue — one that is compounded across multiple touchpoints in the supply chain — from agricultural production all the way to the landfill.”
Sophie Pickering, Investment Manager at Pymwymic said, “Increasing food security is key to supporting a growing global population. We’re excited by the possibilities OneThird’s technology presents in tackling the alarming quantities of global food loss across the supply chain.”
The startup has found that its technology can reduce up to 25% of produce waste across the supply chain. This reduction is accomplished by offering real-time information that can help suppliers avoid spoilage during transit or enable manufacturers to convert would-be-spoiled produce into shelf-stable formats. The platform also provides optimal best before codes to ensure that produce remains fresh and available for consumption.
The funding from the seed round will be used to scale OneThird’s technology and operations in preparation for its international expansion plans. OneThird’s technology currently provides shelf-life estimates for tomatoes, strawberries, blueberries, and avocados. The startup has plans to extend to 10 additional produce types later this year.
OneThird is part of the growing number of companies designing solutions to food waste. The increased consumer concerns around food waste are driving innovation in this space, including preventing premature spoilage and upcycling byproducts. With the support of Pymwymic and other investors, OneThird is well-positioned to become a leader in the food technology industry, and make a significant impact on reducing food waste.
