Yume, a Melbourne-based startup, has secured a $2 million AUD seed funding to further its mission of addressing the significant issue of food waste in Australia. The funding, raised from venture firm Investible’s Climate Tech Fund, will support Yume’s efforts to help manufacturers like Unilever redistribute surplus packaged food to businesses and charities. This brings Yume’s total funding to $7 million AUD, marking a significant milestone for the company.
Key Takeaway
Yume’s innovative platform has successfully facilitated the redistribution of surplus food, benefiting both manufacturers and charities while addressing the pressing issue of food waste in Australia.
Empowering Manufacturers and Charities
Founded in 2016, Yume has established partnerships with major manufacturers such as Unilever, Kellanova (Kellog’s), and Mars Food and Nutrition, as well as Australia’s largest charities. The platform has facilitated the redistribution of 8 million kilograms of surplus food, resulting in over $22 million AUD returned to participating companies and the donation of more than one million meals to charities. Yume operates on a subscription model and earns revenue through buyer commissions.
Addressing Food Waste Challenges
Yume’s platform addresses the challenges faced by manufacturers, including unpredictable supply and demand, short shelf life, and mislabeled products. By enabling manufacturers to identify excess inventory and connect with potential buyers, Yume streamlines the process of selling and donating surplus food, making it a seamless and automated experience.
Impact and Future Plans
Yume’s focus on reducing food waste aligns with the growing climate tech sector in Australia. The company’s unique approach to working with manufacturers on packaged goods sets it apart in the food waste industry. With the new funding, Yume aims to expand its technology for international use and increase its headcount, emphasizing the importance of its mission in the startup ecosystem.
