New investment from Singapore-based global investor EDBI to drive strategic expansion across the region
Chicago, IL —Hazel Technologies, Inc., a USDA-funded agricultural technology company delivering new solutions to combat food waste, today announced a strategic Asia-Pacific (APAC) expansion along with new funding from EDBI, a Singapore-based global investor in select high growth technology sectors and other strategic industries.
“It is estimated that food waste is responsible for at least 8% of the world’s greenhouse gas emissions, which is an absolutely startling number,” said Aidan Mouat, CEO at Hazel Technologies. “APAC is home to the largest population and largest food system of any region in the world. By integrating our waste-reducing technologies into more global supply chains we will continue to dramatically reduce those harmful impacts, and this APAC expansion is a critical step in that direction.”
With some product lines already fully commercial in APAC countries such as New Zealand, Hazel Technologies’ new planned presence in Singapore gives the fast-growing company a foothold in one of the region’s most strategic supply locations. To further jumpstart Asia operations, Hazel Technologies recently began hiring APAC-based employees full time to lay the foundation for successful R&D, manufacturing, marketing, sales, and distribution in the region.
This announcement follows the close of a Series C investment round in 2021. The $70M Series C round was co-led by Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), and Temasek, a global investment company headquartered in Singapore. Joint support from both Temasek and EDBI will be key to APAC regional expansion.
Ms Chu Swee Yeok, CEO and President of EDBI said, “The fragmented, cross-border nature of fresh produce supply chains across Southeast Asia is a key contributor to food waste from spoilage, and Hazel Technologies’ innovative drop-in solutions for shelf-life extension are a game-changer for the industry. EDBI’s partnership with the company will drive expansion of its suite of solutions to new high-growth markets in Asia, while developing capabilities in Singapore and contributing to our 30-by-30 food security and zero waste goals.”
Founded in 2015, Hazel’s 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 up to three times by slowing aging in produce and slowing fungus or decay. By the end of 2022, Hazel estimates its products will be used with over 5.7 billion pounds of fresh produce in the global supply chain, preventing more than 460 million pounds from going to waste.
Currently, Hazel is working with more than 250 customers across 12 countries. Some of Hazel’s customers include Mission Avocado, the world’s largest distributor of fresh avocados; Zespri, the world’s biggest kiwifruit distributor; and Oppy, Canada’s largest produce distributor.
About Hazel Technologies, Inc.: Hazel Technologies is a USDA-funded startup company that develops new technologies to extend the quality shelf life of fresh produce. Founded in 2015, Hazel Tech® works with over 250 of the largest fresh produce packers, shippers, and retailers in the US and Latin America. For more information, visit www.hazeltechnologies.com.
About EDBI: Investing since 1991, EDBI is a Singapore-based global investor in select high growth technology sectors ranging from Information & Communication Technology (ICT), Emerging Technology (ET), Healthcare (HC) and promising Singapore SMEs in strategic industries. As a value-creating investor, EDBI assists companies achieve their ambitious goals by leveraging our broad network, resources and expertise. With our growth capital, EDBI supports companies seeking to grow in Asia and globally through Singapore. For more information, visit https://www.edbi.com.