Global food technology business, It’s Fresh!, has secured a £6.7 million investment led by BGF and Zintinus, alongside existing investor Praesidium. The investment will assist It’s Fresh! in reducing food waste by extending the shelf-life of fresh fruit and vegetables through patented technology that controls the impact of ethylene emitted by fresh produce, slowing the rate of ripening and maintaining optimal quality. It’s Fresh! plans to use the funds to expand into new markets, develop new solutions using modified air packaging bags, and become global leaders in innovative solutions for fresh produce. This investment comes at a pivotal time for the business, allowing it to scale rapidly and fulfil its potential.
Commenting on the deal, Rob Ward, CEO of It’s Fresh!, stated that their technology’s delivery of shelf-life extension reduces waste, enabling their customers to deliver optimal quality to consumers. It’s Fresh! has already generated significant traction across its core markets in the USA, South America, and Southern Africa. The investment will enable the business to accomplish its goals of becoming global leaders in innovative solutions for fresh produce.
BGF’s Rowan Bird emphasised the significance of It’s Fresh! addressing a critical climate challenge with innovative solutions that benefit the entire fresh produce supply chain. Zintinus’s Olaf Koch welcomed the exceptional opportunity to contribute to the sustainability of the industry and generate economic benefits along the entire chain. Praesidium’s Graham Ellis expressed his commitment to helping It’s Fresh! accomplish its goals and the strong period of growth that this Series B investment sets the company up for.
Food waste is a global issue and has a significant economic cost to society, estimated at $940 billion by the UN Food and Agricultural Organisation. Fresh produce is a significant contributor to global food waste, accounting for 40-50% of fresh food wasted from harvest to post-purchase, with long storage and transit times accounting for significant portions of these losses. It’s Fresh! has overcome several issues present in existing technologies, making their solution cost-effective, easy to implement, and safe for direct food contact. The company’s technology slows ripening rates and can be applied across the supply chain, making fresh produce safer, more available, and affordable for growers, distributors, retailers, and consumers.
