Italian based startup Babaco Market has raised €6.3 million in Series A funding, bringing its funding total to €8.1 million to further strengthen its position in Italy and expand internationally.
Babaco delivers boxes containing imperfect produce such as fruits and vegetables from over 100 local producers in four Italian regions (Lombardy, Emilia Romagna, Veneto, and Piedmont) through its sustainable subscription grocery shopping service. The products include delicacies from Slow Food presidia and aim to tackle one of the great challenges of our time: food waste.
Figures show that at least 6 percent of the EU's total greenhouse gas emissions come from food waste.
Inspired by startups such as Imperfect Foods and Misfits Market, Francesco Gilberti and Luca Masseretti founded the startup in May 2020. The co-founders aimed to respond at two precise needs: the growth of online shopping services and the increased awareness of the importance of more sustainable consumption.
Massimiliano Magrini, managing partner of United Ventures, said, "Food waste is a huge problem to solve today. By encouraging the consumption of fruits and vegetables from quality independent producers in an innovative distribution system, Babaco Market offers a solution to this problem while responding to the increasingly felt need of so many people to lead a healthier, more sustainable, and more affordable lifestyle." In fact,
Babaco's series A round was led by Milan VC United Ventures. Existing investors Fondo Acceleratori (a fund division by CDP Venture Capital), Seven Investments, Feel Venture, Doorway, Plug and Play, Startupbootcamp Foodtech, Boost Heroes, NextUp and LVenture Group, and angel investor Niccolò Maisto also participated.