The Colorado-based startup is targeting big players in the food system to recapture lost food at scale while offering end-to-end logistics. It closed this top-up ahead of a larger Series B in the near future.
Until now, the Tel Aviv-based startup has been operating in stealth mode, honing its technology and accelerating adoption of its service with a clandestine list of growers including large-scale citrus growers.
The startup, which has focused on the cosmetics industry for its first product line is set to develop products for the nutraceutical, food and beverage industries too, such as gelatin, a form of collagen often found in sweets.
Since raising the first round of Series A funding, SafeTraces gained particular traction in tracing tropical oils to determine the sustainability of the sourcing practices, and also tracing ammonium nitrate fertilizers that can be used in explosives.
Founded in June 2016, Wasteless has developed a proprietary dynamic pricing algorithm for products with a limited expiration date, allowing retailers to create and display discount prices across the demand curve.