An Australian surplus food marketplace, Yume, has secured an investment of $2.6 million, which will be used to fund its expansion throughout Australia.
Launched in March 2016, Yume connects food manufacturers, wholesalers, distributors and primary producers with buyers including caterers, restaurants, pub groups, hotels, event centres and other food service businesses, enabling them to list and sell their surplus products. Yume also facilitates the donation of surplus products to food rescue organisations.
Founder Katy Barfield, said “It is estimated that 3.9 million tonnes of food goes to waste annually in the commercial sector in Australia. To encourage us all at an individual level to value food and appreciate the time, effort and cost it has taken to grow, package and transport it to our kitchens is one thing - to tackle this problem from a business and commercial perspective is quite another. Food is a precious resource. The opportunity for us to really make a difference here is huge.”
Yume has been able to attract ‘impact investors’ including The Vincent Fairfax Family Foundation, The Myer Foundation, The English Family Foundation and other family offices and high net worth investors. The capital raise was led by impact investment advisory firm, Impact Generation Partners.
The funds will primarily be spent on enhancing the functionality of the Yume online marketplace, and to build a team to support its growth.
Currently, the Yume marketplace is operational in Victoria, with plans to launch in NSW next month and Queensland later this year.
“We’re the first surplus food marketplace selling to commercial businesses and operating at this scale globally. We’ve been working hard to build a robust platform to connect buyers and suppliers to dramatically reduce food waste in this country. I’m so thrilled to secure this investment from partners who share our vision and can’t wait to roll out Yume across Australia this year,” said Barfield.