Positive Carbon, a Dublin-based startup, has recently secured a crucial €2.3 million in seed funding, representing a significant stride in the fight against food waste. This fundraise, spearheaded by Business Venture Partners' EIIS Fund and supported by Heartfelt_, Gateway Ventures, and Enterprise Ireland, underlines the urgent need to address the inefficiencies in our global food system.
Revolutionizing Food Waste Management
With a global population projected to reach 10 billion by the mid-21st century, the fact that a third of all food produced is wasted highlights a severe inefficiency, especially in the UK and EU where 40% of this waste occurs at retail and consumer stages. Positive Carbon's patented food waste sensors offer a transformative solution, meticulously tracking, tracing, and facilitating the elimination of food waste in commercial kitchens.
Proven Impact and Future Plans
Since its founding in 2020, Positive Carbon's technology has been implemented across multiple sites, leading to a remarkable 50% reduction in food waste, translating to over 4,000 tonnes of potential waste diverted from landfills. The new capital injection will focus on research and development, marketing efforts, and scaling operations across the UK and EU. CEO Mark Kirwan emphasizes that this funding is not just about talking about change but driving it.
Setting New Standards in Food Waste Reduction
Andrew McGreal, Investment Director at BVP, highlighted Positive Carbon's rapid and tangible impact on both customer margins and the environment. The company isn't just solving a part of the food waste problem; it's setting new standards for corporate and commercial kitchen operations.