Kroger has asked start-ups with recycled food waste to join the innovation fund, jointly launched by the Zero Hunger Zero Waste Foundation and venture capital firm Village Capital. If they choose to do so, these startups can benefit from the support and funding of Kroger’s company. The supermarket chain will allocate $ 2.5 million in group grants to acquire the following food waste businesses.
Eligible startups include companies developing new methods of processing, manufacturing, or distributing consumer foods made from recycled, reused, or recycled food that can be wasted. Business models can range from obtaining surplus production to integrating food by-products into new, consumer-oriented products.
Dennis Osterhouse, president of the Kroger Zero Hunger and Zero Waste Foundation, stated in the announcement that the fund is part of the charity’s efforts to help “build more efficiently and resiliently in the United States, the United States and other regions. The food system and the charitable food system. ”
“After the Covid-19 pandemic and its economic impact, we are more determined than ever to allocate as much food as possible to achieve our overarching goal of feeding people.” Osterhues added that we can no longer sit in our extra food. that is wasted at every level of the food system.
The latest statistics to emerge during the epidemic indicate that more urgent action is needed against food waste, as a new United Nations report showed that 931 million tons of food sold to homes, retailers, restaurants and others food services removed. Corresponds to 17% per year of all food available to consumers.
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The Index tracks global progress towards the United Nations Sustainable Development Goals (SDGs) to halve food waste by 2030, indicating that the world has a long way to go before this goal is reached. Overall, global food waste is estimated to be responsible for 10% of global greenhouse gas emissions, and that more than 690 million people worldwide are still hungry every day.
Kroger said an important part of completing the task by the 2030 deadline will be providing support to innovators and entrepreneurs who come up with recycling solutions. The 10 startups selected to join the Innovation Fund will not only receive initial capital of US $ 100,000, with a total investment of US $ 1 million, but will also benefit from virtual seminars, networking, mentoring and obtaining registrations. Each startup has $ 100,000 in follow-up funding.
After a six-month “development phase”, two startups will be selected to receive an additional $ 250,000 from the program.
The new team will represent the second group of food waste companies to emerge in the innovation fund. Some of the success stories that appeared in the first group include Imperfect Foods, the order and checkout service for ugly products, and Winnow, the technology company behind smart appliances that help commercial kitchens reduce food waste.
“We look forward to working with Village Capital to accelerate partnerships with creative thinkers and problem solvers who share our vision of the world. Food waste is no longer a reality,” said Sunny Railhorn Barr, CEO of Zero Hunger and Zero Waste, about welcoming the newly formed startups.