Foodsteps raises £3.2m to support decarbonisation of food industry
Foodsteps, a London-based startup that has developed a platform to help the food sector reduce its carbon footprint, has raised $4.1m (£3.2m) in a seed funding round led by Octopus Ventures.
Foodsteps provides companies with a platform to calculate, label and reduce the environmental footprint of the food industry at every stage of the process.
Its database of ingredients contains information on each item’s carbon impact, water use, land use and level of pollution. Client companies upload their own ingredients lists to receive feedback on the environmental impact of food products and advice on how to improve sustainability.
The foodtech startup has worked with major restaurant brands including Pizza Express and Wagamama, as well as food delivery services like Allplants and Mindful Chef.
The new funding will go towards hiring as the company looks to double the size of its team over the next 12 months.
“Following calls to reach net zero, the food sector is increasingly putting sustainability at the heart of decision making,” said Foodsteps founder and CEO Anya Doherty.
“But many bigger businesses are still struggling to assess and reduce their environmental impact at scale, which is slowing progress and leading to inaction.
“We hope our fundraising will accelerate the journey to net-zero, by showing there really is an easy way for companies to slash their emissions and demonstrate their commitment to sustainability.”
Joining Octopus Ventures in the new funding round are Metaplanet, Ascension, and the Conduit EIS Fund.
“It is an immensely difficult challenge for businesses to understand in detail the impact of their food supply chains from farm to fork, but Foodsteps can make this possible in days,” said Lucy Clarke, an investor at Octopus Ventures.
“They have not only made the process possible, they’ve made it scalable, meaning businesses can take data-driven steps towards reducing emissions and meeting net-zero goals before it’s too late.”