May 1, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

To quote ReFED, “Our food system is radically inefficient”. 

Total food wasted in 2021 was 1.3 billion tons, or one-third of the food produced, with the UK generating more than 9.5 million tons of food waste that same year.

One approach to mitigating this issue is to extend the shelf life of fresh fruits and vegetables – this is the exact mission of It’s Fresh!, a global food technology company founded in Burntwood, Staffordshire, England, in 2011. 

Food waste represents a significant cost to society on multiple fronts. The UN Food and Agriculture Organization (UN FAO) estimates the monetary cost to be $940 million on a global scale, while food waste is also responsible for 8 percent of total global CO2 emissions. 

Of all wasted food, fresh produce is a major contributor, estimated to account for 40-50 percent of food lost between harvest and post-purchase. Much of this loss occurs during extensive periods of storage or transportation.

As the need for high-impact action becomes more and more paramount, it is technology that we look to for solutions. One company answering the call is UK-based global food tech company It’s Fresh!, which has just secured £6.7million (US$8.37 million) in funding led by BGF and German venture capital fund Zintinus, along with participation from existing investor Praesidium.

“In the past year, since Praesidium’s initial investment, the company has transformed itself, growing revenue and generating new IP, and has shown how its unique applications address the issues faced by growers and retailers,” said Graham Ellis, Praesidium. “This Series B investment sets the company up for a strong period of growth, and we remain committed to helping Its Fresh! accomplish its goals.”

It’s Fresh!’s patented technology focuses on slowing the rate of ripening by controlling the impact of ethylene emitted by fresh produce. So far, the company has developed and commercialized applications across the supply chain from harvest through transit, and to in-store fruit containers, making fresh produce safer, more available, and affordable for growers, distributors, retailers, and consumers. 

Contrary to existing technologies that either completely block the advancement of ripening and flavor development permanently; have insufficient capacity for ethylene removal; require high levels of capital; or are unsafe when in direct contact with food, It’s Fresh!’s solution addresses all aforementioned issues to deliver a cost-effective, easy-to-implement solution. 

Rowan Bird, BGF, commented, “It’s Fresh! is an excellent example of a technology business that’s addressing a critical climate challenge with innovative solutions that benefit the entire fresh produce supply chain. The business has outlined an impressive growth strategy to capitalize on the market opportunity that’s reinforced by strong technical validation and early commercial success. We look forward to working in partnership with the team and its existing investment partners to achieve our combined growth ambitions, while supporting a business that’s making a positive climate impact.”

This latest investment in It’s Fresh! will be used by the company to support its global growth strategy and its expansion into new markets. The company also stated it will be put to work to fund the development of new solutions, including the concept of using its novel technology within modified air packaging bags. 

“Our ground-breaking technology rises to the challenge of reducing food waste across the supply chain,” said Rob Ward, CEO, It’s Fresh!. “We not only deliver shelf-life extension, which reduces waste, but at the same time enable our customers to deliver optimal quality to consumers.”

“We’ve already generated significant traction across our core markets in U.S., South America, and Southern Africa, so this latest investment round comes at a pivotal time for the business, setting us up to scale rapidly and fulfill our potential as global leaders in innovative solutions tailored to fresh produce.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

*The content put forth by Global AgInvesting News and its parent company HighQuest Partners is intended to be used and must be used for informational purposes only. All information or other material herein is not to be construed as legal, tax, investment, financial, or other advice. Global AgInvesting and HighQuest Partners are not a fiduciary in any manner, and the reader assumes the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on this site.