Hazel Technologies, Inc., a Chicago, IL-based, USDA-supported agricultural technology company delivering new solutions to combat food waste, raised $13m in Series B funding.
The round, which brought cumulative total raised to $17.8m, was led by Pangaea Ventures and S2G Ventures, with participation from new investors The Grantham Foundation and Asahi Kasei Ventures, and returning investors Rhapsody Venture Partners, Serra Ventures, Valley Oak Investments, Climate Impact Capital, ImpactAssets, and others.
The company intends to use the funds to continue the growth of its main product line, launch new technologies, and add new talent.
Founded in 2015 and led by Aidan Mouat, CEO, Hazel Technologies develops new technologies to extend the quality shelf life of fresh produce. Its core technologies revolve around the release of active, shelf-life enhancing vapor from packaging inserts called sachets. The sachets are placed in boxes of bulk produce by growers at the time of harvest, extending the shelf-life of produce by slowing aging and preventing fungus or decay.
Since 2017, the company has completed over 100 pilot trials for products ranging from melons, to okra, apricots, avocados, cherries, and more.
Hazel works with over 100 of the largest fresh produce packers, shippers, and retailers in the US and Latin America.