Norrsken Foundation invests in food waste app Karma
Norrsken Foundation has invested in the food-rescue app Karma. The app helps restaurants to sell surplus food to consumers, who thus get good food at good prices. Karma recently launched successfully in Stockholm, and in just a few weeks, more than 50 restaurants and over 5 000 users joined the service.
– Karma is a brilliant solution to a big problem. We believe that the service will reduce food waste first in Sweden, then internationally. With its fantastic team they are ideal for Norrsken, which invests in innovative companies Karma, says Frida Siwe, financial manager at Northern Lights Foundation.
Norrsken Foundation combines new technology and venture capital with maximum community benefit. The Foundation invests in technology solutions and projects that can have a positive impact on society’s biggest challenges.
Karma was founded in fall 2015, and the app was a success during its first tests in summer 2016. In early November, the service launched in Stockholm with affiliated restaurants Vassa Eggen, Nybrogatan 38, and Bröd&Salt, which all aim to reduce food waste. Along with the restaurants Karmas users have in the last month saved over 1000 meals, equivalent to nearly 200 kg of food, which would otherwise be thrown away.
Now Karma is growing rapidly and plans for an expansion in Sweden and Europe in 2017. In the fall, important collaborations were also signed with, among others, Martin & Servera for a faster expansion in Sweden and Wayne’s Coffee who want to use Karma in all its 130 cafés.
Now Karma raises another 7 million SEK to further develop the service and continue to expand the business. Among the investors are, in addition to Norrsken Foundation, DHS Venture Partners, Foxhelm Ventures, Lars Lindgren, Daniel Laurén and Daniel Frodin.
– We will now expand the number of employees, promote the app and expand outside of Stockholm, while we implement new great features on the platform. We are very pleased to have Niklas Adalberth and Norrsken join the Karma team with their experience, says Hjalmar Stahlberg Nordgren, CEO and co-founder of Karma.
> Read more about Karma: www.karma.life