Wavemaker Impact backs Elevate Foods that combats food loss and waste

Elevate Foods, a platform for small- and medium-sized farm-gate processors, has closed a US$525,000 pre-seed funding led by Wavemaker Impact (WMi).

Elevate Foods (owned by Singapore-based GBN Food Solutions) will use the capital to establish a network for processed agri-produce. It will also assemble a specialised team focused on sustainable food systems and enhanced quality management tools while building its footprint across the Gulf and Southeast Asian markets.

Also Read: A deep-dive into Wavemaker Impact’s decarbonisation strategies in SEA

Focused on combating food loss and waste, Elevate Foods empowers small-scale farm-gate food processors across India by providing access to global markets and ensuring compliance with stringent quality standards whilst creating a traceable and sustainable source of produce. It leverages technology and market insights to upgrade existing processors and build a more sustainable and resilient food ecosystem.

Elevate Foods’s business model intervenes at the beginning of the supply chain, creating a more sustainable and traceable solution for agri-produce buyers while working with farm-gate manufacturers to upgrade their operations and enforce stringent quality standards.

Its vision is to achieve US$100 million in revenue and mitigate 100 million tons of carbon dioxide (CO2) emissions in the future.

“We see great potential in Elevate Foods’s creative approach of working through developing Indian farm-gate processors to tackle the trillion dollar food waste problem, which is responsible for about 4.5 Gigatonnes of Carbon Dioxide Emissions Equivalent (GtCO2e) globally,” said Quentin Vaquette, Co-Founding Partner at Wavemaker Impact. “By addressing the challenges faced by processors through greater profit-purpose alignment, Elevate Foods is poised to unlock new opportunities that will drive meaningful change in both the agricultural and food processing sectors.”

Also Read: How The Radical Fund discovers, backs, spearheads climate-resilient ventures in SEA

The global food supply chain grapples with unprecedented inefficiencies, witnessing alarming food loss and waste levels. Nearly one-third of all food produced annually is lost or wasted, translating to a staggering US$1 trillion in economic losses.

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