Industry News

Saveggy has raised 1.76m euros for its plastic-free packaging

by | Apr 18, 2024

Saveggy is a foodtech company based in Lund and they recently held a funding round for their innovative plant-based vegetable packaging. The funding round earned 1.76 million euros and the company have expressed their hope that this money will help them create packaging that will replace plastic.

The successful funding round will certainly help the company reach the next step in their process and this will involve them moving towards production on an industrial scale.

The forward-thinking company has developed a system in which their additive-free formula, which is created out of canola and oats, is applied in coats onto a cucumber. This process begins after the cucumber is harvested, washed and dried and once the formula is applied, Saveggy has shown that the product is then ready and suitable to be sold to consumers. So far, this process has been extremely successful and it was stated by investors who were involved in the funding round, that they, ‘hope to leverage their network of supply chain leaders to roll out Saveggy products with more distributors.’

This brilliant and effective packaging design was created by Saveggy, when they saw that globally, 45% of vegetables are wasted and this led them to a new opening in the market. Their packaging has been designed to prolong shelf life, whilst causing no harm to the environment and it is currently available to any kind of fruit or vegetable that has an edible peel, with the best example of this being a cucumber. Saveggy is currently the only company within this market that has been given approval by EU regulators and the B2B company have stated their hopes to expand their market and find a way of making their packaging method suitable for a wider variety of fruits and vegetables.

The funding round that the company held was led by impact investor Unconventional Ventures, who was accompanies by LRF Ventures, Almi Invest Green Tech and finally, industry angels.

Saveggy is an extremely innovative company, which was founded by CEO Arash Fayyazi and CINO (Chief Innovation Officer) Vahid Sohrabpour, in 2020. Both of these founders have lots of experience within the packaging industry and they share background experience in applied physics, processing and logistics.

Co-founder and CEO, Arash Fayyazi, commented, “We are very pleased to have gathered a team of impact investors who share our mission to Help the world waste less. We believe that freshness, the health of our planet, and the well-being of people should always remain uncompromised. With this financing round we will launch at industrial scale our first product.”

General Partner at Unconventional Ventures, Thea Messel, added, “Our investment in Saveggy was driven by the impressive credentials and substantial expertise of its founders. Their innovative technology tackles the significant challenges our food systems face. We were particularly impressed by the founders’ perseverance, having refined their formula multiple times to meet the highest standards. This unwavering commitment to innovation and sustainability aligns perfectly with our mission as impact investors and made our decision to partner with them clear.”

Pin It on Pinterest