Plant-based coating revolutionises food preservation, offering a sustainable alternative to plastic

Throughout the supply chain, 45% of fruit and vegetables are currently being wasted globally, placing it among the main causes of climate change. Plastic packaging, the conventional and broadly used solution to prolong shelf life, exacerbates environmental degradation.

And with new legislation mandating all packaging on the EU market be recyclable by 2030, the urgency to address the EU’s mounting piles of packaging waste is more apparent than ever. This opens up for alternatives to play a pivotal role in reducing the carbon footprint associated with food waste.

This is why we invested in Lund-based foodtech Saveggy. They provide a sustainable answer, having developed a plant-based, edible coating that extends the shelf life of fresh fruits and vegetables.

Immense market opportunity and impact potential complying with EU regulations

The platform technology Saveggy® is currently the only available replacement of plastic packaging that meets its performance to prolong shelf-life. Similarly, it is currently the only available edible alternative which complies with EU regulations for fruits and vegetables with edible peels.

The first product on the market is tailored to cucumbers. The way it works is that the cucumber is harvested, washed and dried, then coated with a thin, invisible layer of Saveggy’s vegan, additive-free formula of canola and oats before being delivered to shops.

Saveggy’s B2B model targets packing hubs, thus tapping into a €400Bn TAM (Total Addressable Market) market and seeing an immediate SOM (Service Obtainable Market) of €1,33Bn in Europe.

By scaling Saveggy’s solution to a broader scope and achieving just a 10% reduction in packaging waste, the potential CO₂ reduction could skyrocket to an impressive 154.8 million tons worldwide.

How we knew Saveggy & Unconventional Ventures were a good match

“As an impact investor working with companies that have a clear sustainability focus, we already considered Unconventional Ventures a good fit. But aiming to transform our whole food systems, we also needed to ensure that we partner with an investor that understands and appreciates the work and also time that is needed in order to accomplish this — we couldn’t risk raising funds from someone that would be continuously asking us ”why are you not moving faster?”, comparing our progress with that of say a consumer application. Additionally, in order to scale up from where we are today to becoming a substantial player, the muscle and experience within the UV network makes them the perfect partner.” says co-founder and CEO Arash Fayyazi.

“Our investment in Saveggy was driven by the impressive credentials and substantial expertise of its founders. Their innovative technology tackles the significant challenges our food systems face. We were particularly impressed by the founders’ perseverance, having refined their formula multiple times to meet the highest standards. This unwavering commitment to innovation and sustainability aligns perfectly with our mission as impact investors and made our decision to partner with them clear,” explains Thea Messel, General Partner at Unconventional Ventures.

About Saveggy

Saveggy® helps the world waste less by revolutionising the way food is protected. Our belief is rooted in the harmonious synergy between nature and technology. We create solutions that extend the freshness of vegetables and fruits. This isn’t just about prolonging shelf life. It’s about acknowledging the value of food and the resources that go into producing it.

About Unconventional Ventures

At Unconventional Ventures (UV), we work to unlock the potential of diverse founding teams building scalable impact tech companies.

Founded in Denmark 2018, UV is run by general partners Thea Messel and Nora Bavey. We are backed by a diverse pool of investors and advisors with extensive experience and a broad range of perspectives.

We invest – in line with our thesis – in startups in the pre-seed and seed stages led by founders identifying as women, people of colour, immigrants and/or LGBTQ+, who are building scalable impact tech companies in the Nordics and beyond. Sectors we are particularly interested in are climate tech, healthtech, edtech and inclusive fintech.

Source

Unconventional Ventures, press release, 2024-04-17.  

Supplier

Saveggy
Unconventional Ventures

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