Karma, a Stockholm, Sweden-based startup for restaurants and supermarkets to reduce food waste by selling unsold food to consumers, raised $12m in funding.
The round, which brings total funding to $18m, was led by Kinnevik, with participation from Bessemer Venture Partners, Electrolux, and previous backer VC firm e.ventures.
The company intends to use the funds to continue to develop their product range, especially within supermarkets, and to expand to new markets, starting with Europe.
Founded in 2015 by Hjalmar Ståhlberg Nordegren, Ludvig Berling, Mattis Larsson and Elsa Bernadotte, Karma is a marketplace that allows restaurants and grocery stores to reduce food waste by selling unsold food at a discount direct to consumers, who pick up the food on location. Since its launch in November 2016, the company has expanded to serve over 1500 restaurants, grocery stores, hotels, cafes and bakeries to reduce food waste by selling their surplus to 350,000 users.