The Danish leftover food startup Too Good To Go has just secured €6m (£5.3m) from existing investors. The investment will fuel the startup’s expansion into four new countries in 2019.
Too Good To Go has partnered with 1,500 retailers in London to date, including Yo Sushi, Konditor & Cook and Chop’d, allowing users to collect leftover dishes from restaurants and stores at discounted prices.
“The reality is that it’s standard practice for food businesses to throw away perfectly edible food,” explained chief executive Mette Lykke.
“We give them the flexibility to offer up anything that’s still good to eat and sell it to consumers through the app at a discounted price. It’s a win for retailers, because they reduce waste, acquire customers and increase revenue, it’s a win for consumers who get great food for a reduced price, and it’s obviously a win for the environment which is our main motivation.”
With its headquartered in Copenhagen, Too Good To Go expects to double in size by the summer to a team of 40 in its London office.
The app now has 7.5m users across nine countries in Europe. Too Good To Go recently celebrated the milestone of 10m meals.
Led by existing investors, including former Trustpilot executive Jesper Lindhardt, this recent round of funding takes the startup’s total backing to date to €16m.
Too Good To Go is tackling a very serious environmental issue with a smart business model, customers get discounted food and businesses can make a profit on food that was heading for the trash.
“Across the value chain and across borders, the issue of food waste is complex and hard to fix. By creating a new market for surplus food, we ensure more food gets eaten, making businesses and consumers winners in the process”, said Lykke.