Hazel Technologies, Inc., a Chicago, IL-based USDA-funded agricultural technology company delivering new solutions to combat food waste, raised $70m in Series C financing.
The round, which brought cumulative total raised to over $87m, was co-led by Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), and Temasek, a global investment company headquartered in Singapore, with participation from S2G Ventures, Pangaea Ventures, Rhapsody Venture Partners, Asahi Kasai Ventures, Jordan Park Group, and the Jeremy and Hannelore Grantham Environmental Trust.
The company intends to use the funds to build global operations in major agricultural production areas, expanding into new markets such as Southeast Asia, Africa, the EU, and beyond.
Founded in 2015 and led by Aidan Mouat, CEO, Hazel Technologies is a USDA-funded startup company that develops new solutions to extend the quality shelf life of fresh produce and reduce food waste. The company’s flagship products deliver a controlled release of shelf-life enhancing vapor from packaging inserts called sachets. The sachets are placed in boxes of bulk produce by commercial growers at the time of harvest, extending the shelf-life of produce by slowing aging in produce and preventing decay.
Currently, Hazel is working with more than 160 companies across 12 countries. Customers include Mission Avocado, a large distributor of fresh avocados; Zespri, a kiwifruit distributor; and Oppy, Canada’s largest produce distributor.