Karma announces $12m Series A investment led by Kinnevik, including Bessemer, eventures and Electrolux.
Karma, a Stockholm, Sweden-based company managing a mobile application which helps restaurants and supermarkets reduce food waste, announced the closing of a $12M investment round.
The funding will be used to further development of the company's product range, especially within supermarkets, and to expand to new markets, starting with Europe. The company plans to expand from 35 people based in Stockholm today to over 100 across 5 markets by the end of 2019 and over 150 by mid 2020.
Karma, founded in 2016 by Hjalmar Ståhlberg Nordegren, Ludvig Berling, Mattis Larsson and Elsa Bernadotte, developed a marketplace that enables restaurants and grocery stores to reduce food waste by selling unsold food at a discount direct to consumers, who pick up the food on location. The company works with 1,500 restaurants, grocery stores, hotels, cafes and bakeries and has about 350,000 users.
Karma is yet to be profitable, at a 2017 turnover of SEK 350k ($38k).
Prior to this, Karma raised almost $5M from a range of Nordic angel and institutional investors.