World's Largest Produce Companies Turn to AgTech Startup for Food Waste Reduction and Bigger Profits
CHICAGO, Aug. 12, 2019 /PRNewswire/ -- Hazel Technologies, Inc, a USDA-supported agricultural technology company delivering new solutions to combat food waste, today announced $13 million in Series B funding, bringing the company's cumulative total raised to $17.8 million. The Series B round was led by Pangaea Ventures, a world leader in advanced materials venture capital, and S2G Ventures, a Chicago-based firm with investments across the food supply chain from soil to shelf. The oversubscribed Series B round also attracted new investors The Grantham Foundation and Asahi Kasei Ventures, who join returning investors Rhapsody Venture Partners, Serra Ventures, Valley Oak Investments, Climate Impact Capital, ImpactAssets, and others.
"Pangaea is thrilled to lead this financing in Hazel," commented Keith Gillard, General Partner, Pangaea Ventures. "Hazel has a deep understanding of their customers that we rarely see in a start-up company. Their drop-in solution for a broad set of supply chain applications will allow Hazel to be a true change maker in food waste reduction across the supply chain."
Founded in 2015, Hazel's core technologies revolve around the release of active, shelf-life enhancing vapor from packaging inserts called sachets. The sachets are placed in boxes of bulk produce by growers at the time of harvest, extending the shelf-life of produce up to three times by slowing aging in produce and preventing fungus or decay.
Reducing spoilage during shipment will allow Hazel's customers to reap larger profits for existing shipments but opens access to entirely new geographic markets. Already, Hazel has signed deals and endorsements from many of leading produce companies including Mission Avocado, the world's largest packer, shipper, and exporter of fresh avocados, and Frieda's Inc., one of the world's biggest purveyors of specialty produce.
"This new financing brings in resources, both financial and strategic, that will grow Hazel from its current early commercial stage to become a profitable, world-leading provider of shelf life extension products," said Aidan Mouat, CEO at Hazel Technologies. "We've delivered a solution that works both economically and environmentally, increasing efficiencies across the entire supply chain, and now we are able to roll these out to address food spoilage in multi-billion dollar markets internationally."
Since 2017, Hazel Technologies has completed over 100 pilot trials for products ranging from melons, to okra, apricots, avocados, cherries, and more. Additionally, the company's patent-pending technologies have been studied and tested by many of the country's top academic research programs including UC Davis and Cornell University, a key point of differentiation for the company.
Hazel Technologies intends to use its funding to continue the growth of its main product line and launch new technologies. The company will also seek to add new talent to its young and diverse company (the average age of Hazel employees is 31 and over 60% of the company is female).
About Hazel Technologies, Inc.: Hazel Technologies is a USDA-funded startup company that develops new technologies to extend the quality shelf life of fresh produce. Founded in 2015, Hazel Tech® works with over 100 of the largest fresh produce packers, shippers, and retailers in the US and Latin America. For more information, visit www.hazeltechnologies.com.
About Pangaea Ventures: Pangaea Ventures is the world leader in advanced materials venture capital, with offices in Vancouver BC Canada, Scottsdale AZ USA and Hillsborough NJ USA. It invests in start-up companies using advanced materials to make our world better. Established in 2000, Pangaea has built an outstanding portfolio addressing multi-billion dollar markets in energy, electronics, health, and sustainability. Pangaea's unmatched materials network spans multiple industry verticals and includes twenty-five major multinationals as Strategic Limited Partners. For more information, visit www.pangaeaventures.com.
About S2G Ventures: S2G Ventures (Seed to Growth) is a multi-stage venture fund investing in food and agriculture. The fund's mission is to catalyze innovation to meet consumer demands for healthy and sustainable food. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth stage investments. Core areas of interest for S2G are agriculture, ingredients, infrastructure and logistics, IT and hardware, food safety and technology, retail and restaurants, and consumer brands. For more information, visit www.s2gventures.com or connect with us on Twitter and LinkedIn.