Olio raised a $43million Series B round.

Olio, a London, UK-based startup operating a business based on a food sharing app connecting neighbors, volunteers, and businesses, announced closing series B funding round at $43 million.

The money was raised from investors led by Sweden's investment firm VNV Global, and the American hedge fund Lugard Road Capital, joined by DX Ventures, the VC arm of food delivery firm Delivery Hero, as well as by Accel, Octopus Ventures, Rubio, and angels Jason Stockwood and Lord Waheed Alli.

Proceeds will be used to accelerate its international expansion plans, growing its Food Waste Heroes Programme, which effectively acts as an enterprise play amongst food businesses and restaurants to achieve zero food waste, reduce their environmental impact and cut carbon emissions.

Olio, founded in 2015 by Saasha Celestial-One, Tessa Clarke and Tessa Cook, built a mobile app allowing users to give away unwanted food and other household items to neighbors, for free. The company makes money as it works with restaurants and other food providers, which redistribute their own food surplus via Olio.

The company previously raised funding from Luxor and Norrsken VC in 2020, a £6M round led by Octopus Ventures in 2018 and a $2.2M seed round in 2017.