March 2, 2021
SOUTH BEND, INDIANA (March 2nd, 2021) – FloWaste today announced it has completed a $270,000 pre-seed round of financing. FloWaste’s food analytics platform uses proprietary image recognition technology to empower cafeterias, fast food and quick service restaurants to reduce food waste. The food analytics platform allows food service providers to optimize portion sizing, ingredient combinations, and meal preparation to significantly reduce waste and costs. The platform also has applications in the food production industry.
The round was led by San Francisco-based Plug and Play Ventures, an international venture firm focused on backing founders solving some of the world’s biggest problems. Plug and Play was an early investor in PayPal, Dropbox, and 20 other unicorns, a term given to startup companies with a value of over one billion dollars. Also participating in the round are Elevate Ventures, RSLP Ventures, Flywheel Fund, Culvex Investments, and individual investor Angie Stocklin.
FloWaste CEO Rian Mc Donnell says the investment will allow the company to capitalize on current sales momentum and launch paid pilots of its technology later this year. “We are honored by the many investors that have chosen to back us at this early stage. It is a testament to our mission to solve the food waste issue that we were able to bring together Silicon Valley experience and Midwest grit, determination and food industry expertise.”
Food waste is a significant global environmental, ethical and economic issue. Currently, 1.6 billion tons of food goes to waste. The United Nations’ Food and Agriculture Organization predicts annual food loss and waste is likely to rise by a third by 2030, with 2.1 billion tons, worth $1.5 trillion, being lost or thrown away.
Commenting on the announcement, Ian Rupert, managing partner at RSLP Ventures said, “By leveraging technology to reduce food waste across multiple segments of the food service and production industries, FloWaste has the potential to solve a multi-billion dollar global problem that has implications for consumers, sustainability and profitability. RSLP is pleased to partner with FloWaste at such an exciting stage in their business.”
To date, FloWaste has lined up multiple pilots of their food analytics platform with a variety of customers, including best known global fast food chains, corporate cafeteria management companies, a large European beef processor, and the U.S. Air Force. FloWaste aims to complete a number of these pilots before fall 2021, at which time they hope to raise additional capital to scale the business in 2022.
About FloWaste, Inc.
Founded in South Bend, Indiana in 2020, FloWaste is a technology startup with a mission to address the business, environmental and ethical issues of food waste. FloWaste’s food analytics platform empowers restaurants, food service, and food producers to optimize food usage, reduce waste and associated costs, thereby reducing harmful environmental and supporting ethical business practices. Learn more at our website, https://www.flowaste.com.
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