CHICAGO, April 13, 2021 /PRNewswire/ — Hazel Technologies, Inc., a USDA-funded agricultural technology company delivering new solutions to combat food waste, today announced that it had finalized documentation relating to a $70 million Series C financing round, which will bring the company’s cumulative total raised to over $87 million. The Series C round is co-led by Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), and Temasek, a global investment company headquartered in Singapore. The oversubscribed Series C round has also attracted new and returning investors S2G Ventures, Pangaea Ventures, Rhapsody Venture Partners, Asahi Kasai Ventures, Jordan Park Group, and the Jeremy and Hannelore Grantham Environmental Trust.
Founded in 2015, Hazel Technologies’ flagship products deliver a controlled release of shelf-life enhancing vapor from packaging inserts called sachets. The sachets are placed in boxes of bulk produce by commercial growers at the time of harvest, extending the shelf-life of produce up to three times by slowing aging in produce and preventing decay.
“If food waste were a country, it would be the third-largest greenhouse gas contributor on the planet, behind the US and China,” said Aidan Mouat, CEO of Hazel Technologies. “Since the very beginning at Hazel Tech®, we have focused on developing technologies that easily integrate with the existing supply chain to reduce waste. We believe this financing will allow us to commercialize our successful solutions holistically from producers to consumers on a global scale.”