The developers of an App aimed at reducing food waste has secured DKK 1.6 million ($230,000) from Innovation Fund Denmark’s InnoBooster-arrangement.
According to the developers, the YourLocal app helps stores get rid of products that are close to their expiration date and provides consumers with the possibility of buying food at a fraction of the original price - food that would otherwise go to waste.
The apps’ users post a picture of a product that is about to expire and offering it at a special price. The consumer can then jump at the offer and prevent the food from becoming waste.
Innovation Fund Denmark said that it has already been proven at Danish supermarkets including Føtex, Irma and Brugsen as well as greengrocers, restaurants and the like have joined the project in Copenhagen, Aarhus, and Aalborg.
The entrepreneurs behind YourLocal received an investment of DKK 1.6 million ($230,000) from Innovation Fund Denmark’s InnoBooster-arrangement, which helped to bring the app to the attention of private investors.
“It has definitely given us new opportunities. The InnoBooster arrangement has helped to strengthen our case and make us more attractive for investors,” said Kasper Kastoft Nielsen, one of the two founders of YourLocal.
Since then, YourLocal has received another DKK 1 million ($140,000) investment from private investors. In part, the funding has come from the CO-founder of GoMore Lasse Gejl and the former Director at 7-Eleven Christian Hoff.
With a total investment boost of more than DKK 3 million ($430,000), Yourlocal said that it now has the funds to tackle the food waste challenge.
“I have already recommended a number of entrepreneurs to apply for InnoBooster,”commented Kasper Kastoff Nielsen. “It is an attractive opportunity for [accomplishing] the actual project. I am actually helping another start-up with an application, as we speak.”
The founders' goal is to expand the app to the whole of Denmark.
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