Too Good To Go in a DKK 156 million capital raise

Too Good To Go, a Copenhagen, Denmark-based food waste operator, announced a new capital increase in a round closed at DKK 156 million ($24M).

Funds were raised from exisiting investors of the company.

Too Good To Go, founded in 2015 by CEO Mette Lykke, developed a platform that allows customers to connect to restaurants and stores that have unsold, surplus food.

The company is active in 17 countries, most of which are in Europe as well as the USA and Canada. The app has over 2.4 million users in Denmark and over 48 million users worldwide. In total, users have saved more than 104 million. so-called happiness bags with surplus goods, the company states. The company also claims that 50,000 businesses use the platform to sell their surplus food, including Carrefour, Costa, Tim Hortons, 7-Eleven, Lidl, Netto, and Morrisons.

Too Good To Go previously raised about $43 million, last round closed in January 2021, and is mostly backed by angel investors, some of them including Preben Damgaard, Jesper Lindhardt, Mike Lee and Birgit Aaby.