EU-startups reports that Saveggy, an innovative Swedish foodtech startup, has successfully raised €1.76 million in a new funding round to advance its groundbreaking technology designed to extend the shelf life of fresh fruits and vegetables. The investment was led by impact investor Unconventional Ventures, alongside LRF Ventures, Almi Invest GreenTech, and a group of industry angels.
Founded in 2020 by Arash Fayyazi and Vahid Sohrabpour, both of whom bring substantial expertise from the packaging industry, Saveggy has developed an edible coating that significantly reduces food waste. This is particularly crucial as approximately 45% of fruit and vegetable produce globally does not reach consumers due to spoilage, contributing significantly to climate change.
The company’s proprietary technology, Saveggy®, represents a pioneering advancement in food preservation. It is touted as the only available replacement for plastic packaging that not only meets but exceeds the performance of current solutions in prolonging produce shelf-life. It is also the only edible coating compliant with EU regulations for fruits and vegetables with edible peels, such as cucumbers.
“We are very pleased to have gathered a team of impact investors who share our mission to help the world waste less. With this financing, we will launch at industrial scale our first product, which ensures that the freshness, the health of our planet, and the well-being of people remain uncompromised.”
stated Arash Fayyazi to EU-Startups
Saveggy’s B2B model primarily targets packaging hubs, tapping into a vast €400 billion market. The company’s first commercially available product is specifically designed for cucumbers, which are coated with a thin, invisible layer of Saveggy’s additive-free formula made from canola and oats. This process not only extends the produce’s shelf life but also supports sustainable agricultural practices by reducing dependency on plastic packaging.
