Waste management company Suez has taken a 20-per-cent equity stake in Yume, as part of its commitment to a circular economy.
Founded in 2016 by Katy Barfield, Yume is an online marketplace for surplus food that help recycle and redirect unwanted food from landfills. The deal would help the food startup improve its technologies, streamline processes and expand its operations.
“Each year in Australia, we throw away an incredible 7.3 million tonnes of food equivalent to the weight of the Sydney Opera House – 45 times over. Fifty-five per cent of this occurs in the commercial food sector,” said Barfield.
“Food waste has a devastating impact on the environment, now is the time to make sustainable practice common practice.”
In less than five years, the social enterprise has saved some 3 million kg of surplus food and returned over $8.4 million to Australian producers, manufacturers, and enterprises.
Mark Venhoek, CEO of Suez, said that the equity investment would help leverage the company’s extensive network of customers and connect food suppliers with buyers.
“I look forward to seeing the benefits this closer partnership with Yume can deliver for our mutual customers and the environment,” Venhoek added.
Suez’s equity stake in Yume will also aid its commitment to the United Nations’ Sustainable Development Goals (SDG), specifically SDG12, promoting responsible production and consumption.
