Phenix, a Paris-based business dedicated to cutting food waste, has received a round of funding from a group of investors, including the venture capital arm of dairy giant Danone.
B Corp-certified Phenix was founded in 2014 by Jean Moreau and plans to use the undisclosed amount of funding to “extend its position as a leader in the waste-reduction sector” by expanding its mobile application designed for consumer use. It also works with manufacturers in the food and beverages industry to cut waste.
Taking part in the financing along with Danone Manifesto Ventures were other venture capital and investment firms ETF Partners, Sofiouest and INCO, and also French investment bank BPI.
Moreau, who is president of the business, said: “Our ambition is that in a few years, wasting food and products will not be acceptable and waste-reduction practices will become the simple and effective norm. With Danone Manifesto Ventures’ support, we can invent tomorrow’s food system in an environmentally respectful and socially just manner.”
He continued: “Beyond their financial investment, we are bringing on board a renowned company with iconic brands, and together we will lead a movement aimed at changing consumer habits and reducing food waste all along the value chain, from producers to consumers. Danone Manifesto Ventures will be a critical strategic partner to promote new waste practices globally.”
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Phenix claims to have “saved” more than 100 million meals since its creation in 2014. Its recently launched mobile app enables consumers “to act and reduce waste by buying unsold products at a discounted price”.
According to Phenix, the United Nations estimates one third of global food production is wasted along the whole food supply chain, with 10 million tons a year in France alone.
Laurent Marcel, the chief executive of Danone Manifesto Ventures, added: “Food-waste reduction is one of the major challenges that companies, NGOs, governments and consumers need to address collectively to promote a more sustainable and ethical food system. Danone has made this challenge a priority for many years through local and global initiatives. We are happy to partner with the talented Phenix team, which keeps inventing innovative solutions to solve this important issue.”
