Olio raises $43mn for its series B funding round

OLIO, a London-based sharing platform, has raised USD 43mn for its series B funding round in a bid to fight the USD 1.3tn worth of food waste created globally every year. The round was supported by existing investors VNV Global and Lugard Road Capital—who are now major investors in the company. New investors were Accel, Octopus Ventures, DX Ventures and angel investors also participated in the round.

OLIO will use the investment to launch new product features such as ‘borrow’ and ‘wanted, grow its Food Waste Hero Programme and expand internationally—it has identified the ten most promising markets in Latin America, Asia and Northern Europe and will roll-out to these markets in the next twelve to twenty-four months.

The company was founded in 2015 by Tessa Clarke and Saasha Celestial-One.