Snact, the United Kingdom’s only snack producer actively working to solve issues around food waste by using surplus produce, today announces it has successfully closed a seed investment roundwith the help of ClearlySo, Europe’s leading impact investment bank.
The United Nations Food and Agricultural Organisation (FAO) estimates that one third of all food produced globally is wasted, which has huge economic, social and environmental implications. The UK alone bins £12.5 billion worth of food every year, including over 500 million bananas and 1.6 billion apples.
Snact is providing a unique solution to the global food waste issue by producing healthy and delicious snacks from perfectly good fruit and vegetables that otherwise get rejected in the UK for being too big, too small, too ugly, or simply too abundant. In 2016 alone, Snact forecasts it will save 50 tonnes of food, which is expected to increase to 4,320 tonnes by 2020, equivalent to more than 480 London double decker buses.
By providing a healthy solution to food waste, Snact is positioning itself as the UK’s most responsible snacking option, appealing to both the ethical and health-conscious consumer markets.
Michael Minch-Dixon, co-founder of Snact, said: “This is obviously a great moment for us and shows how far we’ve come since we were making snacks ourselves in a rented kitchen in Hackney. Having this will allow us to reach a bigger scale meaning we’ll tackle more food waste and make more healthy snacks for snactivists out there!”
Mike Cowell, investment manager at ClearlySo, commented: “Snact has developed a unique product, brand and identity that not only demonstrates great commercial potential but effectively highlights the issues around food wastage in the UK and abroad. It is fantastic to see this clearly resonate with customers and investors, including angels from the food and marketing industries.”