A Burntwood-based food technology business has secured a £6.7 million investment to support its growth strategy and expansion into new markets.
It’s Fresh!, founded in 2011, helps extend the shelf life of fresh fruit and vegetables throughout the entire food supply chain, to reduce waste and optimise produce quality.
Figures suggest 40 to 50 per cent of fresh food is wasted from harvest to fresh purchase, with long storage and transit times accounting for a considerable portion of these losses.
It’s Fresh! has commercialised and further developed applications for a patented technology which controls the impact of ethylene emitted by fresh produce, and which ultimately controls the rate of ripening and the eating quality of that produce.
The investment was led by BGF and German venture capital fund Zintinus, alongside existing investor Praesidium.
The funds will also be used for development of new solutions, such as using the company’s unique technology within modified air packaging bags.
It’s Fresh! Chief Executive Rob Ward said: “Our ground-breaking technology rises to the challenge of reducing food waste across the supply chain.
“We not only deliver shelf-life extension, which reduces waste, but at the same time enable our customers to deliver optimal quality to consumers.
“We’ve already generated significant traction across our core markets in USA, South America and Southern Africa, so this latest investment round comes at a pivotal time for the business, setting us up to scale rapidly and fulfil our potential as global leaders in innovative solutions tailored to fresh produce.”
BGF’s Rowan Bird said: “It’s Fresh! is an excellent example of a technology business that’s addressing a critical climate challenge with innovative solutions that benefit the entire fresh produce supply chain.
“The business has outlined an impressive growth strategy to capitalise on the market opportunity that’s reinforced by strong technical validation and early commercial success.
“We look forward to working in partnership with the team and its existing investment partners to achieve our combined growth ambitions, while supporting a business that’s making a positive climate impact.”
