Saveggy secured €1.76 million investment for fresh produce preservation breakthrough

Saveggy cucumber. Imager credit: Press photo.

Saveggy, a Swedish startup founded by Arash Fayyazi and Vahid Sohrabpour, has secured a substantial investment of €1.76 million from key players like Unconventional Ventures, LRF Ventures, Almi Invest GreenTech, and industry experts. This funding injection fuels Saveggy’s mission to revolutionize fresh produce preservation with its innovative plant-based coating, aiming to combat the alarming 45% wastage of fruits and vegetables globally, a significant contributor to climate change.

The heart of Saveggy’s solution lies in its tailored approach, starting with its inaugural product targeting cucumbers. This entails a meticulous process of harvesting, washing, drying, and then applying an imperceptible coating made from canola and oats. This additive-free formula not only extends the shelf life of cucumbers but also aligns with EU regulations, making it the sole edible alternative for fruits and vegetables with edible peels.

Saveggy’s impact extends beyond product development, it embraces a robust business-to-business (B2B) model, eyeing a €400 billion Total Addressable Market while immediately tapping into a €1.33 billion Service Obtainable Market in Europe alone. The company’s strategic partnerships with key players like Lidl and ICA have been instrumental in refining its product and validating its innovative approach.

On a journey to combat food waste

Arash Fayyazi, Saveggy’s CEO, expresses gratitude for the team’s shared vision of reducing waste, ensuring freshness, and prioritizing planet health. This funding round propels Saveggy toward industrial-scale production, marking a significant step in its journey to combat food waste and champion sustainable practices.

The endorsement from impact investors like Unconventional Ventures and LRF Ventures underscores the confidence in Saveggy’s technology and its potential to address critical challenges in our food systems. The company’s commitment to innovation and sustainability resonates strongly with these partners, paving the way for impactful collaborations.

Saveggy’s trajectory is marked by strategic milestones, including a Eurostars grant exceeding €440,000 and key partnerships with supermarket chains and agricultural organizations.

These initiatives underscore Saveggy’s readiness to scale its technology and make a tangible difference in waste reduction on a global scale. As Saveggy prepares for a commercial launch in 2024, supported by partnerships and funding, it stands poised to disrupt the status quo and lead the charge in sustainable food preservation practices, leaving a lasting impact on our environment and communities.

Techarenan News/Monok

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