January 8, 2018
British food tech company It’s Fresh! has secured a $10 million (£7.63million) investment and has entered into a commercial agreement with the global leader in produce freshness solutions, AgroFresh Solutions, Inc.
This investment will enable the business to accelerate global expansion and the development of planned new products.
It’s Fresh! is behind a ground-breaking technology that extends the life, quality, freshness and flavour of produce. Its discreet green and white filters, which absorb the ripening hormone ethylene, have had a huge impact on food waste and are now being used by leading supermarkets in the UK, the US and Europe.
It’s Fresh! CEO Peter Shalson said, “We’re delighted with this investment from such a respected industry leader. Given their considerable experience in post-harvest produce management, it’s a perfect fit for our business.
“This alignment with AgroFresh will allow access to its 3,000 customers as well as its highly-respected R&D centres worldwide, assisting quicker development of new products and enabling our technology to reduce food waste in many more countries around the world.
“Both companies share a common culture and an unwavering commitment to developing new solutions to the growing problem of food waste, especially at retail. Under this agreement, we will work cooperatively to grow our existing retail and grower products and to develop new solutions for markets and crops not presently served.
“As a business, we’re dedicated to making fresh produce more available and affordable and reducing global food waste in an ethical and sustainable way. An investment like this can really help us get closer to achieving this.”
AgroFresh CEO Jordi Ferre said: “AgroFresh is always looking for ways to reach new markets, and we are delighted to join forces with It’s Fresh! We’re excited to tap into the innovative thinking and expertise in food freshness technology that It’s Fresh! offers and I expect big things of this new collaboration.”
The companies’ respective R&D teams will work together to further their mutual goal of improving food quality.
It’s Fresh! products are used by leading global retailers including Walmart and Albertsons Safeway in the USA, Morrisons, Waitrose, and M&S in the UK and Carrefour in France to improve the shelf life and freshness of produce.
AgroFresh, a NASDAQ listed company, is a global leader in produce freshness solutions. Its products enable growers, packers and retailers of fresh produce to preserve and enhance the freshness, quality and value of fresh produce and reduce market waste.
Not using fresh fruit and vegetables quickly enough after purchase is one of the main reasons households across the UK throw away tonnes of food every year.
Statistics from leading food charity Love Food Hate Waste show 7 million tonnes of food and drink are thrown away from UK homes every year. Wasting this food costs the average household £470 a year, rising to £700 for a family with children, the equivalent of around £60 a month.