Saveggy raises €1.76M for plastic-free packaging

Lund-based foodtech Saveggy has raised €1.76M for its plant-based vegetable packaging that the company hopes will replace plastic.

45% of vegetables of wasted globally. Saveggy’s packaging, which it hopes will prolong their shelf life without harming the environment, is currently available for fruits and vegetables with edible peels such as cucumber. It is the only company is this market that  has been given the go-ahead by EU regulators. The B2B company hopes to apply its technology to fruits and vegetables that face more stringent checks later down the line.

Saveggy’s additive-free formula of canola and oats is coated onto the cucumber after it is harvested, washed and dried, before being delivered to shops. Investors participating in the round stated that they hope to leverage their network of supply chain leaders to roll out Saveggy products with more distributors.

Saveggy was founded in 2020. CEO Arash Fayyazi and CINO (Chief Innovation Officer) Vahid Sohrabpour are co-founders both with extensive experience from the packaging industry along with backgrounds in applied physics, logistics and processing.

The round was led by impact investor Unconventional Ventures, together with LRF Ventures, Almi Invest GreenTech and industry angels.

Co-founder and CEO Arash Fayyazi said:

“We are very pleased to have gathered a team of impact investors who share our mission to Help the world waste less. We believe that freshness, the health of our planet, and the well-being of people should always remain uncompromised. With this financing round we will launch at industrial scale our first product.”

Thea Messel, General Partner at Unconventional Ventures, said:

“Our investment in Saveggy was driven by the impressive credentials and substantial expertise of its founders. Their innovative technology tackles the significant challenges our food systems face. We were particularly impressed by the founders' perseverance, having refined their formula multiple times to meet the highest standards. This unwavering commitment to innovation and sustainability aligns perfectly with our mission as impact investors and made our decision to partner with them clear."