Around 1.3 billion tons of food produced around the world for human consumption is lost or wasted every year, according to the United Nations’ Food and Agriculture Organization.
Such losses amount to approximately US$680 billion for industrialized countries and US$310 billion for developing countries, FAO said.
To help in reducing such enormous waste, Swedish startup Karma has come up with a mobile application that allows restaurants, cafés and grocery stores to sell their surplus food to consumers at reduced prices.
Karma’s app enables retailers to generate additional revenue and consumers to enjoy food at a lower price.
The app acts as a sales channel through which merchants can offer take-away food including sandwiches and cakes to registered users of the app.
Founded in Stockholm in November 2016, Karma has been partnering with more than 1,500 retailers and has about 350,000 users since its launch, the Hong Kong Economic Journal reported. The company is currently operating in Sweden and London.
Karma has raised US$12 million in a series A funding round, led by Swedish investment firm Kinnevik.
It intends to use the money to expand its product range, particularly within supermarkets, and develop new markets, starting from Europe, the company said in a press statement.
Karma also plans to beef up its staff, seeking to fill up 70 new positions, which will pave the way for its entry into new markets such as the United States.
This article appeared in the Hong Kong Economic Journal on Aug 22
Translation by Jonathan Chong with additional reporting
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