OneThird funding news – Enschede-based OneThird Secures €3.5Million in a Series A Round Funding

The funding was led by Dutch impact investor Pymwymic, with contributions from previous investors Halma Ventures Limited, SHIFT Invest, and Oost NL.

The new funds will help OneThird grow its technology and expand into new markets, particularly in North America and Europe, to help fight the $1 trillion in food waste caused by spoilage each year.

Launched in 2019, OneThird has been developing its technology and working with early customers in the fresh produce supply chain. It gained significant media attention after being named ‘Best of Show’ at the 2023 Consumer Electronics Show (CES).

OneThird uses AI-powered near-infrared scanning to help growers, distributors, retailers, and consumers predict the shelf life of fresh produce, reducing food waste. The technology currently tracks tomatoes, strawberries, blueberries, and avocados, with plans to add grapes, bananas, mangoes, and raspberries by the end of 2023.

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The United Nations highlights food waste as a major global challenge. About one-third of food produced each year is wasted, costing $1 trillion, with nearly half of that being fresh produce, which spoils quickly even after being transported long distances.

OneThird's technology has been shown to reduce up to 25% of waste in the produce supply chain. It provides real-time information to help supply chain partners make better decisions, like adjusting best before dates, choosing shorter shipping routes to keep produce fresh, or turning produce that might spoil into products like smoothies, frozen items, or soups.

Marco Snikkers, CEO and founder of OneThird said, “Global food waste has an enormous environmental impact; reducing global food waste can help to reduce global greenhouse gas emissions and embolden global food security. One-third of global food produced annually is lost or wasted, which is an astronomical volume given the number of people worldwide who go to bed hungry. Global food waste is both inefficient and a major social justice issue — one that is compounded across multiple touchpoints in the supply chain — from agricultural production all the way to the landfill, The latest seed funding we’ve received will allow us to accelerate the implementation of OneThird’s technology beyond our initial customer base, expand internationally and increase the impact we can create for our customers to help them generate higher ROI, and also meet their sustainability and ESG goals.”

Sophie Pickering, Investment Manager at Pymwymic said, “Increasing food security is key to supporting a growing global population, We’re excited by the possibilities OneThird’s technology presents in tackling the alarming quantities of global food loss across the supply chain.

About OneThird

OneThird of all food is wasted, and much of it happens before it reaches the consumer. OneThird aims to change that. Their technology allows retailers to scan produce at distribution centers and stores to predict how many days until it spoils. This helps improve inventory management and ensures produce is sold at the right time reducing waste.