Too Good To Go, the fast-growing food waste app headquartered in Copenhagen, has raised a further €6 million (£5.3m) in funding. The latest round was led by existing backers and takes the company’s total investment to €16 million.
The free app allows users to “rescue” surplus meals from restaurants, hotels and supermarkets that have not been sold. Since launching in Copenhagen in 2016, Too Good To Go has grown to 7.5 million users acoss nine countries in Europe.
Too Good To Go currently works with over 15,000 food establishments including those run by Carrefour, Accor Hotels, YO! Sushi and Mandarin Oriental. This month, the app reached its 10-millionth meal milestone.
Mette Lykke, CEO of Too Good To Go, said:
“Too Good To Go has a unique opportunity to tackle a very serious environmental issue with a smart business model. Across the value chain and across borders, the issue of food waste is complex and hard to fix. By creating a new market for surplus food, we ensure more food gets eaten, making businesses and consumers winners in the process.
“The reality is that it’s standard practice for food businesses to throw away perfectly edible food. We give them the flexibility to offer up anything that’s still good to eat and sell it to consumers through the app at a discounted price. It’s a win for retailers, because they reduce waste, acquire customers and increase revenue, it’s a win for consumers who get great food for a reduced price, and it’s obviously a win for the environment which is our main motivation.”
Too Good To Go has over 200 employees across Europe. Board directors include Mike Lee, founder and former CEO of MyFitnessPal; Preben Damgaard, co-founder of Navision (which was sold to Microsoft in 2002); and Jesper Lindhardt, former COO at Trustpilot.