New app for preventing food waste has become a succes in Denmark’s largest cities. After an investment boost from Innovation Fund Denmark, the concept has attracted even more capital from investors.
The app YourLocal helps stores get rid of products that are close to their expiration date and provides consumers with the possibility of buying food at a fraction of the original price – food that would otherwise go to waste.
The app has been proven successful, as Danish supermarkets like Føtex, Irma and Brugsen as well as greengrocers, restaurants and the like have joined the project in Copenhagen, Aarhus, and Aalborg.
In all its simplicity the works by businesses posting a picture of a product that is about to expire and offering it at a special price. The consumer can then jump at the offer and prevent the food from becoming waste.
The entrepreneurs behind YourLocal received an investment of DKK 1.6 million from Innovation Fund Denmark’s InnoBooster-arrangement, which helped to bring the app to the attention of private investors.
– It has definitely given us new opportunities. The InnoBooster arrangement has helped to strengthen our case and make us more attractive for investors, says Kasper Kastoft Nielsen, one of the two founders of YourLocal.
Since then, YourLocal has received another DKK million investment from private investors. In part, the money comes from the CO-founder of GoMore Lasse Gejl and the former Director at 7-Eleven Christian Hoff.
With a total investment boost of more than DKK 3 million, Yourlocal now has the fuel to tackle the food waste challenge.
Kasper Kastoff Nielsen is certain of the effect InnoBooster has had on the project:
– I have already recommended a number of entrepreneurs to apply for InnoBooster. It is an attractive opportunity for [accomplishing] the actual project. I am actually helping another start-up with an application, as we speak.
The founders’ goal is for the app to expand to the entirety of Denmark.