SaaS startup inoqo, based in Vienna, secures $7 million in funding. The money came from known family offices and angel investors like Triple Impact Ventures and Daniel Zech (former SevenVentures and TV show 2 Minutes 2 Million) on behalf of FJH Immobilien- und Vermögensverwaltung GmbH, as well as Christian Kaar, co-founder and former CTO of Runtastic (which was acquired by Adidas for €220 million).
Heinz Hahn said: “It was clear to me that inoqo’s vision was precisely addressing a critical need within the food industry and has the potential to become the leading AI-driven environmental product management platform.”
It is not unexpected that these two businesses are working together. ODA has drawn attention from around the world for its lofty sustainability aims, especially since it began displaying the carbon footprint of its customers’ grocery stores purchases on receipts last year.
At the same time, inoqo unveiled a potent platform driven by AI which enables for the quick, affordable, and fast assessment of thousands of F&B goods.
inoqo’s Founder & CEO Markus Linder said, “The AI-powered platform is able to re-engineer the composition of thousands of F&B products based on the data the retailers have available today. It can consequently assess the impact of products while taking specific features of the product such as the likely country of origin of its ingredients, production processes, packaging, or transportation into account,”.
In order to avoid greenwashing, inoqo uses conservative data for consumer communication in the absence of primary data and allows manufacturers to over time supply more and more specific item data, allowing the technology to replace conservative assumptions with real product data.
Turi Pettersen, Head of Sustainability and DEI at Oda, commented: “We are genuinely impressed with what inoqo has to offer! We believe that retailers can truly make a significant impact in this space by leading the industry – not only by setting an example for other retailers but also by challenging their producers to acknowledge and improve their carbon footprint. It all begins with a robust understanding of the current state through comparable data!”.
Inoqo first launched in 2020 with a consumer-focused software designed to aid consumers in understanding how their regular supermarket buys affect the environment.
Austrian consumers who are concerned about the environment took an immediate liking to the app. The inoqo service caught the eye of food merchants interested in utilizing it after receiving numerous honors throughout Europe.